Word: thailander
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Last week the Administration began its campaign on Capitol Hill to replenish the coffers of the International Monetary Fund, which were depleted by its $120 billion bailout of Indonesia, Thailand and South Korea. Treasury Secretary Robert Rubin went to Congress to request an $18 billion boost for the IMF. Getting it will not be easy, since last year Congress rejected a much smaller request...
...Japan is in a race to reinvent itself. Unlike Korea, Thailand or Indonesia, whose recoveries depend humblingly on multibillion-dollar handouts from the IMF, Asia's first economic miracle baby has the wherewithal--financial and social--to do the job on its own. The world's biggest creditor nation has more than $11 trillion in household financial assets alone. Having gone through substantial reorganization in recent years, its top manufacturing companies can compete with the best of the rest...
...including social-policy directives as part of its loan package. This summer the fund signed an agreement with Argentina in which Buenos Aires agreed to give priority in budgeting to primary schools and health care and to strengthen the independence of the judiciary. The agency's deal with Thailand includes provisions to help the jobless...
...worsen an already panicky situation, says Jeffrey Sachs, the director of the Harvard Institute for International Development. In Thailand the IMF plan required the government to close 58 financial institutions. When that became known, "the panic intensified," Sachs says. "Rather than restoring confidence, the IMF's intervention merely confirmed to investors that they were right to flee." Meanwhile, financial institutions that will be closed because they cannot satisfy strict standards of reserve capital will have their assets, mainly foolhardy real estate developments, auctioned off. But that massive sell-off could lead to a sharp fall in values that will affect...
...October, amid the threat of massive demonstrations, the Thai Prime Minister rescinded a fuel-tax increase that the government had adopted just three days earlier to satisfy an IMF-mandated budget surplus. "There is no long-term solution for the common people," laments Somsak Kosaisook, secretary-general of Thailand's public-employees union. "They have to bear all the hardships of higher prices and unemployment...