Word: indonesia
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...billion bailout agreement to restore confidence in his economy. Jakarta has repeatedly reneged on reforms, particularly those requiring the dismantling of lucrative monopolies controlled by Suharto's children and close friends. By telling the IMF that he wants aid on his terms and not theirs, Suharto has effectively bet Indonesia's entire economy, a wager so outlandish that foreign bankers in Jakarta have trouble concealing their admiration for his audacity even as they despair of his cavalier approach to balance-sheet realities. His brinkmanship has scared the IMF, which sees its worldwide credibility put at risk, and terrified other Asian...
TIME: What do you think of the way the U.S. has handled the problem in Indonesia...
...pressure to follow in its neighbors' footsteps and devalue its renminbi trading currency. Those competing economies have a step up on Beijing, whose goods are relatively more expensive. Chinese sales to the rest of Asia fell 1.4% in January compared with 1997, and as South Korea, Thailand and Indonesia flood the world with cheap goods, China's trade with the West will take a beating. If Beijing ultimately succumbs and devalues its currency, the move will probably force Hong Kong to do the same, which could trigger a new Asian crisis...
Mondale's mission stemmed from growing concern that Suharto could drive Indonesia into a collapse that would flood its neighbors with refugees. One appeal came from Singapore's Prime Minister Goh Chok Tong, who called Clinton to urge the U.S. to intervene. That helped trigger a Feb. 18 White House session in which Treasury Secretary Robert Rubin proposed Mondale, a former ambassador to Japan, as Clinton's envoy. Participants agreed that Mondale had the clout to pressure Suharto while reassuring him that the U.S. remains his friend...
...JAKARTA: Indonesia's legislature handed President Suharto "broad new powers" Monday to crack down on protests over the economic crisis, which is made worse by fear that the aging strongman plans to defy IMF conditions for a bailout. Those powers are reported to include the right to dissolve parliament and ban opposition parties. Since Suharto already controls parliament, the military and even those opposition parties that he allows to operate, the legislature clearly had some difficulty in coming up with any powers that Suharto hadn't already claimed...