Word: bailouts
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Most recently Rubin and the Treasury Department have spearheaded the International Monetary Fund's bailout of South Korea and the nations of Southeast Asia...
...been slipped into the No. 2 position of Vice President only 10 weeks ago by his patron of 24 years, the Indonesian strongman he slavishly referred to as S.G.S., Supergenius Suharto. The mere suggestion that Suharto's successor at the height of Indonesia's search for an economic bailout would be a man widely regarded as a free-spending eccentric shocked the bankrupt rupiah into a 36% crash. But Habibie (commonly referred to as B.J.) possesses the one quality Suharto needed, extreme loyalty, and continued to give it to the embattled President while students trampled their despised leader's effigy...
...space: Deputy Prime Minister Boris Nemtsov announced Friday that Russia had found the funds, via "certain extra-budgetary sources," to pay for its continued participation in the international space station project. (Russia has to cough up $240 million this year alone.) Translation: Nemtsov may be hinting at a cosmic bailout. "They?ve been talking to European countries about short-term financing in order to get the thing into space," says TIME Moscow correspondent Andrew Meier. "Somebody will probably step into the breach with a bailout -- it's an interesting metaphor for the country?s entire crisis...
...depleting currency reserves and zero economic growth projected for this year, Moscow is looking to the IMF to keep its economy from going over the edge, reports Meier. A group of top Russian bankers approached IMF boss Marcel Camdessus today to beg for an estimated short-term $5 billion bailout, with further guarantees of up to $15 billion...
Russia's Central Bank tripled interest rates today to a surreal 150 percent. The desperate bid to cool a market meltdown was accompanied by a shift in speculation as to how Prime Minister Sergei Kiriyenko plans to save the economy: "The word yesterday was 'devaluation'; the word today is 'bailout,'" says TIME Moscow correspondent Andrew Meier. And that may leave Russia's fate in the hands of Newt Gingrich and his congressional followers...