Outside the Parliament gates, Fiji is under martial law with Army-manned roadblocks erected around the capital Suva. Negotiations between the military commander, Commodore Frank Bainimarama, and Mr Speight have reached a standstill.
Commodore Bainimarama has ruled out further concessions to the rebels, pointing to the threat of severe international sanctions against Fiji. The potential termination of European Union purchases of Fijian sugar at well above world market prices have stiffened the military's resolve.
The sticking point in negotiations has been the demands of Mr Speight, and his followers, for their own inclusion in the interim administration.
Within Fiji, the competence of Mr Speight and his group to run an administration has been thrown into question by the activities of their supporters.
Taxis and private vehicles have been hijacked as they arrived at the Government complex, and a weapon-wielding mob from the complex recently careered through the streets of Suva.
The attempted takeover that occurred on May 19 was not well-planned. When Lieutenant-Colonel Sitiveni Rabuka seized power back in 1987, he had the support of Fiji's Army. The coup-makers seized not only the country's Parliament, but also the television and radio stations and other key strategic installations around Suva.
Mr Speight's civilian takeover was amateurish. Fiji's head of state was not neutralised. Neither the military nor the police were brought on side. It was only a tiny group of armed insurgents who, astonishingly, managed to seize the extraordinarily naive and undefended Prime Minister and his cabinet.
The turning point was when, two days after the attempted coup, the Parliament gates were thrown open. People from the provinces and Suva flocked into the Veiuto complex to support the insurgents.
Apparently in festive spirit, they brought chickens trussed in banana leaves, live pigs lashed to staves and bundles of yanqona roots used to make the traditional Fijian drink, kava. Lovos (earth ovens) were dug in Parliament grounds and tents were set up for people from the different villages.
Mr Speight temporarily turned himself into a modern-day Fijian folk hero, dancing the slow taralala with middle-aged Fijian women and articulating their call for the protection of indigenous Fijian rights.
The fearlessness of his supporters was vividly displayed when, angered by the imposition of an Army cordon, they marched straight into the roadblocks outside Parliament, grabbing soldiers and throwing aside the barricades.
Fiji's political establishment showed little sign of having the will to confront this kind of populist ethnic nationalist movement. The country's Great Council of Chiefs deliberated for three days before making major concessions to Mr Speight's demands.
Fiji's elderly president, Ratu Sir Kamisese Mara, stepped down after a night of mayhem in the capital. Mr Speight's supporters had smashed up the local television station, shot a policeman and mounted an assault on the President's residence in Suva.
Ratu Mara promptly handed over authority on the request of Commodore Bainimarama, and sailed away to his distant Lakeba Island home. All the initial demands made by the rebels in Parliament were met. Both the former President and the Great Council of Chiefs have ruled out the return to office by Fiji's elected Government.
The 1997 constitution which attempted to improve the political position of the country's 44 per cent Indo-Fijian population has been abrogated. And an amnesty for the hostage-takers has been promised, as long as they release the hostages. The country's new military rulers do not intend a return to the situation before Mr Speight's insurrection. Within two weeks, Fiji's political landscape has been transformed.
Once the Chaudhry Government had been swept away, the question inevitably became "who rules in Fiji?"
Mr Speight was able to secure the support from several key paramount chiefs who resented the long-standing dominance of President Mara and his dynasty. Deeply ingrained chiefly rivalries underlie the conflict, but modern methods of political advancement are also being used to settle ancient scores.
Alongside traditional lines of dispute, Mr Speight and his supporters represent a rebellion of the country's younger elite against the old order. Nowadays, those members of Fiji's elite in their 30s or 40s are a highly cosmopolitan group, often educated overseas and with lucrative business connections. The post-1987 coup generation is mounting a new assault on Fiji's ageing hierarchy.
Whether Fiji's military commanders or Mr Speight emerges triumphant, it now seems reasonably certain that the Indo-Fijian population will again be excluded from the top echelons of power.
* Dr Jonathan Fraenkel is a lecturer in economic history at the University of the South Pacific, Suva.
George Speight talks to IRN's Barry Soper
(10 min).
