Word: defaulters
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...from the U.S. to Slovenia, had a piece of Korea's foreign debt, and none held more than Japanese banks, which, by the standards of U.S. bank examiners, are themselves in varying states of insolvency. It didn't take much imagination to see how the dominoes might fall. A default in Korea would almost certainly trigger a massive banking crisis in Japan. U.S. banks would get swept into the mess not just because of their loan exposure to Asia but also as a result of the trillions of dollars in interest-rate and currency swaps, hedging contracts and other derivative...
...Jones industrial average had dropped more than 100 points. Fears were spreading that an Asian recession would shrink earnings of American companies and halt the U.S. economy's remarkable and long-running growth. Just that morning, South Korea's foreign-exchange reserves had fallen to less than $10 billion. Default was about 10 days away...
...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 default. Congressional leaders were briefed on the plan...
There was panic selling in the streets of Indonesia Thursday as international officials reacted to the possibility that Indonesia may default on its IMF loans. The rupiah lost 26 percent of its value in one day and the Jakarta Composite sank 19 percent at one point before recovering modestly to end the day down 11.95 percent...
...also the origin of the very economic model that is causing the crisis. No one really knows, but many moneymen fear that Japan's own financial system could be as dangerously debt-ridden as South Korea's. The global economic network should be able to withstand even a wholesale default in Seoul, but failure in Japan would spread trouble everywhere...