Word: voorst
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...badly enough that he might buckle this time," says TIME correspondent John Dickerson. But if the White House hangs tough and the $18 billion credit to the IMF is killed, the consequences could be disastrous: "Failing to fund the IMF could further destabilize Asia," says TIME correspondent Bruce Van Voorst. "And that would have extremely serious consequences for the American worker and consumer...
...With reporting by Bruce van Voorst in Washington...
JAKARTA: Indonesia?s President Suharto has Washington over a barrel -- and he knows it. ?We can?t afford to simply pull the plug on him," says TIME correspondent Bruce Van Voorst, "because if Indonesia fails, the ripple effect throughout Asia, and beyond, would hurt...
...President Clinton?s special envoy, Walter Mondale, appears to have had little impact. His talks with Suharto Tuesday were aimed at dissuading him from playing chicken with the International Monetary Fund. ?The talks were friendly enough, but Suharto has made no concrete commitments,? says Van Voorst. While he awaits the second installment of his $40 billion bailout, Suharto did promise to implement the IMF program. But he also questioned its efficacy and vowed to press ahead with plans to peg his currency to the dollar -- against the will of the IMF and Washington...
...TIME correspondent Bruce Van Voorst believes December?s 9-year-record trade deficit is a sign of things to come, plummeting Asian currencies send a tsunami of cheap imports towards America, while Japan's failure to stimulate its domestic demand and absorb some of Asia's exports exacerbates the crisis. "If the trend reflected in the December U.S. trade deficit continues - and there's every reason to believe it will - the Asian crisis could knock 1 percent off our GDP and wipe out 1 million American jobs," says Van Voorst.