Word: indonesia
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...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 falls, Latin America falls, and that will hit the U.S. hard. Ultimately, Brazil won't fail because...
...that moving against him might spark a rebellion," says TIME correspondent William Dowell. Unprecedented mass protests have, indeed, followed his arrest. "Things have gone so far now that Anwar's supporters may believe they have to overthrow Mahathir to get Anwar out of this mess," says Dowell. "As in Indonesia, the protests could make Malaysia's elite realize that it's time for Mahathir...
...Malaysia may be even more volatile than Indonesia, however, because its army doesn't tend to stabilize the country the way that Indonesia's does. "Malaysia is a traditionally passive society, which occasionally explodes in a violent frenzy -- like the anti-Chinese riots in the '60s," says Dowell. "Remember, it was Malaysia's Bahasa language that gave us the phrase 'run amok...
Hardly a day goes by when some Wall Street analyst doesn't knock the oil-services industry. These companies, which help the oil giants explore and drill for crude and natural gas, were market darlings from 1995 to 1997, but now have more detractors than anything west of Indonesia. Though many oil-service firms are already trading near two-year lows, analysts' earnings estimates for them will soon be revised further downward. No brokerage will want the likes of Halliburton or Schlumberger on its "recommended" list. The gloom around these stocks is only deepening. And I am buying them hand...
...Mahathir had just fired him, he probably would have prevailed," says TIME senior foreign correspondent Johanna McGeary. "Instead, he's made a martyr of him." McGeary points out that it was similar social unrest that toppled President Suharto in Indonesia. Mahathir said at the time that the IMF was responsible for that uprising. This time, he's got no one to blame but himself...