Word: indonesia
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...ours doesn't necessarily follow. Take Japan. Its stock market has been in decline most of the past eight years, a period in which U.S. stocks have risen 240%. Since August, the U.S. market has seemed equally impervious to the pain of 20% to 40% market plunges in Thailand, Indonesia, Malaysia, the Philippines and finally Hong Kong...
...landing of Pathfinder on Mars or were just not paying particular attention when Thailand's currency, the baht, began to fall to earth like a wounded satellite. On July 2 the baht plunged more than 12% in value against the greenback. Then it crashed into the Philippines, Malaysia and Indonesia, where government officials were forced to devalue their currencies. That triggered a region-wide crisis, in which stock markets gave up as much as 35% of their value, inflated real estate prices fell through the floor, banks collapsed, and hundreds of thousands of Southeast Asians, rich and poor, lost their...
...could things go so wrong so fast? One reason is that Asia's "tiger" economies had a virtually unlimited credit line from the world's bankers. The easy money combined with easy virtue in places like Indonesia, where an authoritarian government and crony capitalism led to corruption, poor corporate management and gross overspending on grandiose public projects. The foreign capital borrowed to build many of those projects has become much more expensive to pay back because of devaluations. In fact, much of the debt will have to be restructured...
...Indonesia went begging to the International Monetary Fund and walked away with a $20-billion Halloween treat today, as Wall Street looked to relegate Market Massacre '97 to nightmare status...
...today. Despite the Dow Industrial's 125-point slide on Wednesday, Hong Kong's Hang Seng index climbed a solid 260.92 points, to 10,623.78, today, or about 2.52%. In Japan, the Nikkei 225 was up 94 points, to 16,458.94. Australia and New Zealand also were up. In Indonesia, the Jakarta Composite was down slightly as traders waited for details on the restrictions imposed by the aid package, including what the New York Times called "wide-ranging austerity measures...