Word: bailouts
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House Republicans are questioning whether to approve an $18 billion U.S. contribution to the Asian bailout following President Suharto's defiance of the International Monetary Fund over currency regulations. But playing hardball with Suharto remains a tough call for Washington, says TIME U.N. correspondent William Dowell. "It's hard to see what Washington can do except withhold money, and that would only make the situation worse in Indonesia," says Dowell. "Suharto is the most important U.S. ally in the region. He was the one who brought Asian leaders into APEC and convinced them to stand up to China...
Last week the Administration began its campaign on Capitol Hill to replenish the coffers of the International Monetary Fund, which were depleted by its $120 billion bailout of Indonesia, Thailand and South Korea. Treasury Secretary Robert Rubin went to Congress to request an $18 billion boost for the IMF. Getting it will not be easy, since last year Congress rejected a much smaller request...
When Thai lobbyists arrive in Washington Wednesday to drum up support for a bailout from the International Monetary Fund, they'll be walking in the shadow of the black helicopters. TIME Capitol Hill correspondent James Carney says congressional watchdogs against the "New World Order" are painting the IMF as their latest villain...
...Resistance on the Hill has jeopardized the proposed $20 billion U.S. contribution to the IMF Asian bailout. Big Labor Democrats and traditional Republicans such as Newt Gingrich are on board, says Carney. "But there's a deepening nativist strain in the GOP, best characterized by someone like Pat Buchanan. They don't like explaining at home why the U.S. is spending billions to bail out some South Korean bank halfway around the world...
...Never mind that the IMF functions as a U.S.-driven-body that tends to open up foreign markets to U.S. companies. Here's an easy-to-understand reason to support it: The bailout would prop up Mom-and-Pop mutual funds which stand to lose millions in an Asian collapse...