Word: bailouts
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JAKARTA: Did the IMF bring down Suharto? It was the removal of fuel subsidies, demanded by the IMF's bailout program, that set the events of last week in motion. But the IMF is uncomfortable in the role of Brutus...
...that he drove it to the brink of bankruptcy. There is truth to both claims: Northwest is healthier now than it was before Checchi came along, but during the recession of 1992 the company teetered on the precipice until $800 million in union givebacks and a $320 million state bailout steadied it. Both sides agree that Checchi wants to do for California what he did for Northwest. The question is, which story line will the public believe...
Suharto has been playing hardball with IMF chief Michel Camdessus for months over a $43 billion bailout agreement to restore confidence in his economy. Jakarta has repeatedly reneged on reforms, particularly those requiring the dismantling of lucrative monopolies controlled by Suharto's children and close friends. By telling the IMF that he wants aid on his terms and not theirs, Suharto has effectively bet Indonesia's entire economy, a wager so outlandish that foreign bankers in Jakarta have trouble concealing their admiration for his audacity even as they despair of his cavalier approach to balance-sheet realities. His brinkmanship...
...keep the economic turmoil in Asia from spiraling out of control. In a week of public and private arm twisting, Bill Clinton dispatched former Vice President Walter Mondale to riot-plagued Indonesia, where President Suharto is trying to backpedal from the terms of a $43 billion International Monetary Fund bailout. Among the 70-year-old Mondale's tasks will be to persuade the 76-year-old Suharto to make good on promises to break up monopolies and cartels run by the autocrat's cronies and members of his family...
JAKARTA: Indonesia's legislature handed President Suharto "broad new powers" Monday to crack down on protests over the economic crisis, which is made worse by fear that the aging strongman plans to defy IMF conditions for a bailout. Those powers are reported to include the right to dissolve parliament and ban opposition parties. Since Suharto already controls parliament, the military and even those opposition parties that he allows to operate, the legislature clearly had some difficulty in coming up with any powers that Suharto hadn't already claimed...