Nepal's war-weary public is not holding its breath for the king's traditional new year message to the nation on Friday.

Going by the pattern of past behaviour it wouldn't surprise us at all if it contained the usual platitudes about restoring peace and democracy. In the past four years, King Gyanendra has always said the right things but done just the opposite. We must be prepared to be disappointed again.

To be sure, there are those who in a convoluted sort of way are glad that the king is taking himself down. But a sudden collapse of an absolute monarchy can only lead to absolute anarchy. This is why it is so important for the political parties to assert themselves, develop a cohesive agenda and give the movement meaningful leadership.

In the past week, Nepal crossed a threshold. Ordinary people who till a month ago were watching from the overhead bridges stepped down into the streets. No one is neutral any more: the FNCCI has thrown in its lot with democracy while civil servants, bank and corporation employees, and even the state-run media have crossed over. What's more, even the chairman's own ministers are breaking away.

The king's only option is to begin a dialogue with the parties and the Maoists to work on interim measures for restoring true sovereignty to the people. This would be a face-saving way for him to go back to sit on his throne and not worry about day-to-day running of the country. The parties, too, need an honourable exit that will not expose them to charges of sell-out.

But most of all, it is the Maoists who need a way to explain to the Nepali people that what they couldn't achieve after 10 years and 13,000 lives lost is within reach after just five days of street activism by the parties.

The wise thing for the Maoists to do now is to declare another unilateral indefinite ceasefire. This would once and for all remove any remaining reason the king may still have to continue on his autocratic path, and create the cushion for their own soft landing.

None of the three forces can hope to win it all. The Maoists can't come to power even if they sideline the king and the parties. The king can't win by removing the Maoists and the parties. The parties will be nowhere without accommodating the king and the rebels.

Let's hope that in the new year all three sides see the light.