Word: crisises
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Dates: during 1990-1999
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South Korea's crisis is far from over. And the U.S., as it feels its way as the lone superpower, finds that the tools it needs to lead are not aircraft carriers and armored divisions but emergency stabilization funds and better accounting practices. Inside the Clinton Administration, the man working...
Though the Treasury Secretary is supposed to manage the American economy, Bob Rubin has discovered that a big part of the job comes down to managing the economies of nations overseas. After taking a shellacking from Congress in 1995 for successfully bailing out Mexico with $20 billion in taxpayer-backed...
But when the Asian contagion reached the Korean peninsula in September, Rubin could no longer soft-pedal the problem. South Korea is the world's 11th largest economy, America's fifth biggest trading partner, and home base for 37,000 U.S. troops who guard the border with a hostile, if...
Shortly thereafter, on Dec. 3, the IMF announced a $57 billion package of loans. In return, South Korea agreed to open its financial markets, lower trade barriers and revise its banking structure--moves demanded by Rubin and transmitted to the IMF. Mindful of the likely congressional reaction, the U.S. offered...
"We are absolutely against any measures that unilaterally force Koreans to make the biggest sacrifice here," says Kim Young Dae, general secretary of the Korean Confederation of Trade Unions, the country's second largest and most militant labor union. "The people in charge of the chaebols are responsible for this...