Word: reformations
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...figure who said he fled to London after receiving death threats from elements within Gayoom's government. "Now we were able to expose the regime for the crimes it had committed." International pressure and defections from his own cadres slowly forced Gayoom to change tack and speak of democratic reform. Ibrahim Hussein Zaki served for ten years as a minister in Gayoom's cabinet, but quit to help found the rebel Maldivian Democratic Party (MDP) in November 2003 alongside Nasheed. "I realized that change could never come from within. This was a family regime, not the people's regime...
...build more walls between China and the outside world when it comes to trade or financial markets," says one western diplomat who attended the ASEM meeting last week. Officials in Beijing are quick to point out that key policymakers at the Bank of China, the National Development and Reform Commission and the Ministry of Finance are all reform minded. Many hold advanced degrees in economics or business from the U.S. (though "these days they don't advertise that as much as they used to," one young Ministry of Finance source jokes.) They are a few years away from being...
...commission had for a time banned short selling of a variety of financial stocks - a controversial move that critics believe was a simple case of finding a scapegoat in the midst of market chaos. "It was a little signal that Beijing has a plan - a slow, methodical plan to reform their markets - and they are sticking to it," says a U.S. Treasury official...
...Well, mostly. There has been a rearguard action among conservatives - "market skeptics," is how one U.S. source describes them - to throw sand in the reform gears as the global carnage mounts. That, in part, explains Paulson's speech in New York. The conservatives have made some headway. Fan Gang, a liberal economist and adviser to the Ministry of Finance, says that any move towards derivatives trading on the Chinese exchanges is, at least for now, "probably on hold...
...directly, but in Beijing they know what the answer is: you bet it has. With Chinese growth slowing significantly and the economic pain spreading, "any further liberalization of the currency market is likely to be very gradual for the foreseeable future," Lardy says. "Beijing hasn?t jumped off the reform train" as a result of the crisis of 2008, says Lardy. "But the train has definitely slowed...