Word: bailouts
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...public. The three-hour dinner was a turning point in a months-long U.S. journey from backroom player to more visible leader in a global effort to solve the financial crunch. For months, Rubin & Co. had played down the crisis and balked at committing U.S. taxpayer dollars to a bailout that would help South Korea and the big financial institutions around the world that held its debts. But seven days before Christmas, the U.S. changed course, offering immediate aid for the first time, pressing banks to roll over their loans and urging a new Korean leader to seize the moment...
...billion, while the U.S., Japan, Germany and other nations kicked in an additional $8 billion in loans. In exchange, the Koreans would pass new laws opening their financial markets to foreigners, close insolvent banks and supervise others. As the deal came together, Treasury officials discussed the impact of a bailout on the Korean and American labor unions, fearing some of Labor's backers in the Democratic Party would balk at bailing out either Wall Street or the protectionist Korean workers. But the officials decided that it would be in the best interests of both Korean and American workers to avoid...
Whether that kind of attitude prevails in the U.S. is another question, and the House of Rubin will be watching closely in coming weeks. Some lawmakers will surely attack the new aid package after the holiday recess. Populist Democrats will object to any bailout of Wall Street speculators, and conservative Republicans will see little to praise in a taxpayer subsidy for a foreign government. The White House will defend its actions, noting that Korea is strategically more important than other Asian nations...
WASHINGTON: President Clinton got into the banking business Thursday night, making a 20-minute call from Air Force One to Indonesia?s President Suharto to urge compliance with the conditions of the $40 billion IMF bailout extended that country -- and to reassure Suharto that increased compliance would result in increased assistance...
Sell-Off in Indonesia Questions about an IMF bailout prompt panic in the streets of Jakarta. But the Clinton Administration says the plan is sound...