Word: panic
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Dates: during 1990-1999
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...President Zedillo had sacked his interior minister following a December massacre in Chiapas carried out by local leaders of his own party. That was not enough to stem the crisis created by spiraling crime and political violence as traditional elites panic in the face of moves toward democratization. While there is no immediate threat to his rule, questions remain as to whether Zedillo can stop the country?s slide into turmoil. It could be a long week for Mexico?s president; one of many in a long, hot year...
...Would the Asians begin to sell tens, perhaps hundreds, of billions of dollars in U.S. government securities to pay off their mounting debts? A tidal wave of selling would knock down the price of Treasuries, driving up interest rates and edging the American economy toward recession. In the ensuing panic, stock prices could be hammered, prompting a market crash...
...leaders spent what must have been an uncomfortable 25 minutes on the phone as translators relayed Clinton?s demand that Suharto immediately implement an International Monetary Fund austerity program that Indonesia agreed to last October. Earlier, Suharto had seemed oblivious to the crisis when he sparked panic by announcing a budget woven of pure fantasy. The job of leaning on Indonesia now falls to Deputy Treasury Secretary Larry Summers and Defense Secretary William Cohen, who both visit Jakarta and other Asian capitals this week, along with a senior IMF delegation...
...desired effect on a nation that Thursday was gripped by panic. Indonesia's battered currency, the rupiah, rebounded Friday to close at 7,990, up from Thursday's record low of 10,550 to the dollar. The Jakarta Stock Market's index, which lost 12 percent Thursday, closed only 1 percent down after an early rally. Emissary teams from both the White House and the IMF are on their...
...says FORTUNE writer Nelson Schwartz, "and there have been a lot of warnings of a lot of bad news, especially from the tech stocks." What's spoiling the mood? Asia. For a few days this week, Asia was looking up. South Korea was leveling off. Then came Indonesia. "The panic in Indonesia reminded everyone that the Asia problems aren't going away." In some ways, Indonesia, ripe with rumors of civil unrest and even a military coup, is worse because it sparks the imagination. "Having that on their minds, with the dread of next week," says Schwartz, "there...