The Facts
On Monday, Thailand's Pheu Thai Party announced it is joining hands with the conservative Bhumjaithai Party to form a new government, after it split from the election winning Move Forward Party which has failed twice to garner enough support in the National Assembly.
Pheu Thai and Bhumjaithai — which placed second and third respectively in the May 14 general elections — have a combined 212 seats, but are still short of the 374 majority threshold needed to elect a prime minister.
The Spin
Narrative A
It's shocking, though not surprising given how Thai politics work, that the government-aligned Bhumjaithai and the opposition Pheu Thai are now forming an administration. This is just the latest chapter of a troubled story; after years of criticizing its betrayer over draconian policies, Pheu Thai leaders have surrendered their reputation and principles with the aim of returning to power.
Narrative B
This coalition further indicates that Pheu Thai is repositioning itself on the political spectrum to become Thailand's main conservative party, possibly in response the monarchy-critical Move Forward Party's recent shift to become dominant in the left-leaning camp. This isn't about abandoning principles, but adapting to the reality that a government will not be formed without a level of compromise, and that it wouldn't be sensible to compete with Move Forward for the votes of Thailand's anti-establishment youth.