Word: bankes
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Dates: during 2000-2009
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...Lessons from the 1997-98 Asian financial crisis come with caveats, since the conditions were markedly different. The crisis was contained to a relatively small number of countries - mainly Korea, Indonesia, Malaysia and Thailand - in which banks and businesses were unable to pay off debts owed to the outside world. That allowed the International Monetary Fund (IMF), in cooperation with the World Bank and Washington, to organize bailout packages that allowed Asia to get back on its feet...
...World Bank officials are meeting in Washington on Oct. 13 to search for solutions to the current crisis. But the IMF's role will be limited, because the financial turmoil is global. The organization might be able to lend a hand in specific situations. On Thursday the IMF announced it was restarting an emergency lending program that had been active during the 1990s Asian crisis for developing countries. The IMF has already sent a mission to Iceland, which is suffering from a financial meltdown. "All kinds of cooperation has to be recommended," IMF managing director Dominique Strauss-Kahn told reporters...
...Alvin Liew, a Singapore-based economist for Standard Chartered Bank, says Singapore's bad economic news was exacerbated by investors' broadly pessimistic mood. "My feeling right now is that people take negative news more seriously than any positive news," he says...
...even if a company were to fail outright, consumers are protected much in the way that routine bank deposits are guaranteed by the FDIC. Under a 40-year-old system, each state has an "Insurance Guarantee Fund" to which companies contribute that guarantees property, casualty, life and health claims if a company is insolvent. The maximum amount per claim varies by state and by the type of insurance, but it is as high as New York State's $1 million on property and casualty claims...
...unable to agree on what moves to make. Worse, it's not just the G-7 that's in the spotlight. The other pillars of 20th century international financial stability are meeting this weekend in Washington, and expectations for action by the International Monetary Fund, the World Bank and the G-20 are also low. The less the international organizations seem likely to do, the louder the cry for help becomes. "This is a financial crisis that is global and needs a global response," says Professor Helge Berger of the Freie Universitat in Berlin. "Piecemeal won't work...