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Tens of thousands of protesters converged in Bangkok on Sunday and gave Thailand's military-backed government an ultimatum: call elections within 24 hours or face crippling mass demonstrations across the capital.
About 80,000 red-shirted supporters of former premier Thaksin Shinawatra flooded the historic heart of Bangkok, singing pro-democracy songs, dancing, waving placards and illustrating Thaksin's enduring influence on Thai politics even after his ouster in a 2006 coup, graft conviction and exile abroad.
Police expect up to 150,000 protesters by evening and are bracing for a rowdy demonstration that could go on for days. Foreign investors worry any violence could derail a nascent recovery in Southeast Asia's second-biggest economy but they have expressed confidence in Thailand's financial markets by snapping up local stocks in recent days.
That optimism is based on three factors: Thai assets are already trading at a substantial risk discount, the economy has rebounded well from the ravages of the global downturn despite bouts of unrest, and the government of Prime Minister Abhisit Vejjajiva is widely expected to survive the showdown.
Protest leaders insist the rally will be peaceful even if it lasts a week. They plan to maintain pressure on Abhisit to dissolve parliament and call an election Thaksin's allies would be well-placed to win. Abhisit is unlikely to give in.
"We're asking the government to relinquish power and return it to the people," said Veera Musikapong, chairman of the protest group, United Front for Democracy against Dictatorship, setting a deadline of noon Monday for parliament to be dissolved.

Copyright Reuters, 2010

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