UPDATE:
— CNN International reports that martial law has been declared in Bangkok.
— AP:
Stocks dropped suddenly Tuesday after Thailand’s military launched a coup against the country’s prime minister.
Traders watching Thailand closely are certain to remember how trouble in the kingdom has had worldwide implications in the past: The Asia currency crisis that erupted in 1997 began with the devaluation of the Thai baht, then snowballed into an international economic downturn.
— 2Bangkok.com:
What apparently has happened: From New York, PM Thaksin declared a state of emergency recalling Commander-in-Chief Sondhi from the deep south–this was, in effect, firing him. At about the same time, the military under Sondhi staged a counter-coup and cancelled Thaksin’s state of emergency taking control of key areas in Bangkok.