Thailand's outgoing Prime Minister Abhisit Vejjajiva resigned as leader of his Democrat Party today owning responsibility for the crushing defeat at the hands of the opposition considered a proxy for ousted former premier Thaksin Shinawatra.
Thaksin's sister, Yingluck Shinawatra, led her Pheu Thai (For Thais) party to a resounding victory and is all set to be elected as Thailand's first woman Prime Minister.
"I have decided to resign because I could not lead my party to victory in the elections," the suave Oxford-educated Abhisit said. Democrat Party members will now meet to select a new leader.
Abhisit, whose government was criticised heavily for a crackdown on pro-Thakshin Red Shirt protesters last year, had assumed office in 2008.
Conceding defeat, he had said yesterday, "Puea Thai has won the election and the Democrats are defeated."
Preliminary results from yesterday's general elections show the 44-year-old business executive leading her party to a winning majority it needs to form the next government. The Bangkok Post said Yingluck is in talks with three smaller parties Chartthaipattana, Chart Pattana Puea Pandin and Palang Chon to discuss plans for a coalition government.
With the four parties teaming up, the next coalition government would potentially have 298 seats in the parliament. Unofficial results from yesterday's general election show Pheu Thai winning 265 out of the 500 seats on its own.
While Chartthaipattana is believed to have won 19 seats, Chart Pattana Puea Pandin and Palang Chon have seven seats each. The Democrats, on the other hand, got 159.
