Word: bailouts
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...this page when giant Yamaichi Securities said it too would liquidate--and regulators pledged cash to protect the firm's clients. Japan's financial system has some $500 billion of uncollectible debt--reminiscent of the savings-and-loan mess in the U.S. a decade ago. America's taxpayer-financed bailout was painful, costing more than $300 billion. But once lenders were healthy again, they sowed seeds for today's miracle economy. Until Japan goes through something like that, it won't get much of a recovery...
...Again, Off-Again Bailout South Korea announced Monday that it had reached agreement with the IMF on a bailout package of more than $50 billion for Seoul?s crisis-ridden economy. Not so fast, said...
...country's finance minister, Lim Chang-yuel, announced early Monday that a deal had been reached for an IMF bailout of between $50 and $60 billion, about three times the country's original target. But later in the day, IMF managing director Michel Camdessus threw cold water on that one, noting that nothing is final until both sides ink an agreement. The Wall Street Journal reports that the parties are still at odds over Seoul's gross domestic product growth rate for next year...
...Meanwhile, Asian finance officials may try to relieve some economic pressure in the region ? and sidestep IMF restrictions ? by establishing their own multibillion-dollar bailout fund. The Association of Southeast Asian Nations (Asean) fund would cooperate with the IMF and would have strict borrowing requirements of its own, but would not be accountable to the IMF. The fund, which would supplement international loans, has been opposed by the U.S. ? which wants to keep the IMF in control of dousing the region?s fiscal brush fires. TIME asks whether the IMF is up to the job of bailing out the Tigers
...Troubled Tigers Leaders of Pacific Rim countries aren't talking of economic miracles at their annual meeting. This time, in the wake of an IMF bailout, it's down to crisis management...