Word: baumohl
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...feel there's no better leader for Brazil than Cardoso right now," says TIME business reporter Bernard Baumohl. "But after the election, they're counting on deep budget cuts and austerity measures, and the $30 billion bailout that they're trying to put together will be conditional on that." As always, the economic powers that be are pointing to a light at the end of the tunnel -- an optimism that's selling rather poorly in Indonesia and South Korea right now. But Baumohl says that Brazil is healthy enough -- and vital enough to U.S. interests -- to pull through. "If Brazil...
...about to suffer. Currency controls opposed by Anwar came into effect Thursday, clamping down hard on the movement of capital, forbidding currency trading and fixing the ringgit's exchange rate. "Prime Minister Mahathir has effectively pulled his country out of the international economy," says TIME business reporter Bernard Baumohl. "By sharply limiting outflows of capital, Malaysia has scared away long-term investors whose capital is crucial to the building of infrastructure...
...Greenspan's backdoor way of telling us that there will be a drop in rates sooner rather than later," says TIME business reporter Bernard Baumohl. "He's convinced that deflation is as big a problem for the U.S. as inflation, and that means he can lower rates in order to ease the currency strain on Asia and Latin America." So now the secret's out about Tuesday's FOMC meeting -- maybe. The Fed can still stand pat, and if it does, all those Greenspan-induced gains could go right out the window...
...next week with an empty briefcase. That's why he cut a deal with his political opponents Friday over stalled banking reform legislation -- a deadlock that had exasperated Washington. "This appears to be an important step, but they still have a major chasm to cross," says TIME reporter Bernard Baumohl. "At least now Obuchi has some news for President Clinton. It would have been terribly embarrassing for him to come to Washington with no plan to reform his country's banking sector, which many see as a crucial step to overcoming the Asian crisis...
...banks fail have been met by making assistance to the stricken Long Term Credit Bank -- one of the country's largest -- conditional on effectively declaring it bankrupt. "Compromise between Obuchi and the opposition is the first good sign that they're moving toward resolving the banking crisis," says Baumohl. "But with Japan's banks holding as much as $1 trillion in bad loans, there's a lot more to be done...