Word: suharto
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Indonesian President Suharto has only one reason for pegging the Indonesian rupiah to the U.S. dollar, says TIME Business Correspondent Bernard Baumohl: to bail out his relatives and cronies who have been quietly plundering the nation for decades. Suharto will likely set the rupiah-per-dollar rate at around 5,000 -- almost twice its current value, predicts Baumhohl. That gives his friends an opportunity to pay off their dollar debts in overvalued rupiah. "They'll save a fortune," says Baumhohl...
...International Monetary Fund has so far been unable to sway Suharto from his plan, which would have dire repercussions throughout Asia. A currency collapse in Indonesia would force devaluations in Malaysia, Singapore and perhaps even China and Hong Kong. With a single selfish action, Suharto could send the entire region back into meltdown...
...Suharto Living Dangerously As his government and economy teeters on the edge of collapse, Indonesia's president comes up with a risky idea to save his country ? or at least his family finances...
What on Earth is Suharto Thinking...
...midst of Indonesia's economic free fall last week, BILL CLINTON, in New York City for a fund raiser, delayed Air Force One's takeoff from a fog-shrouded Kennedy Airport to read the riot act to Indonesia's strongman, SUHARTO. The two 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 went on television to announce a budget woven of pure fantasy, thereby...