Word: bailouts
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...changed fast since economic collapse punched a hole in the Korean Dream. When the country was vaulting to economic success, parents aspired to get their sons into white-collar jobs at giant chaebol, or conglomerates, like Samsung. A year of life under the yoke of a humiliating $58 billion bailout from the International Monetary Fund has crushed all that. A bright horizon of lifetime jobs and seemingly nonstop growth has suddenly dimmed. In its place: soaring unemployment, a more competitive role in the global economy and diminished expectations for a country that had been living beyond its means. MORE...
...bailout seems to have worked, thanks in large part to autumn's upturn in the global markets. But the real hero of the story is probably Federal Reserve Chairman Alan Greenspan, who lowered interest rates three times since September, prompting overseas banks to do the same. Long Term Capital's assets rose more than 20% in November alone, giving it a profit for the first time in at least seven months, though that gain may be partly wiped out now that markets have turned softer...
BRASILIA, Brazil: Now the IMF is throwing money at investors. Desperate to attract traders after months of dithering that stalled its planned $30 billion bailout of Brazil, the fund Friday announced it had upped the ante to a whopping $41 billion. FORTUNE writer Nelson Schwartz says the extra cash should do the trick -- not just by filling Brazil's coffers, but by warming investors' hearts...
...confidence means capital flight out of Brazil and its currency, the real, should stop -- and that can ensure a recovery in and of itself. Adding to the warm fuzzies is this happy parallel: The U.S. is chipping in $5 billion on its own, the largest such committment since the bailout of Mexico in 1995. And that, not coincidentally, was the last time an IMF rescue actually succeeded...
...popular mandate for the plan, Congress is expected to kick up a considerable fuss. But Baumohl thinks that the international response will prove convincing. "We should start to see foreign investment returning to Brazil, and the IMF now has an obligation to put together the planned $30 billion bailout." Cardoso has written the recipe for Brazil's recovery. All he's got to do now is make sure the meal gets cooked...