Word: voorst
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...with the Iraq deal, Washington is "cautiously optimistic" over reports that Indonesia has backed down from defying the International Monetary Fundover the "currency board" issue -- but it wants details. "The IMF is waiting to discern exactly what Suharto plans to do," says TIME business correspondent Bruce Van Voorst. "There's a degree of optimism that what could have been the worst confrontation between the IMF and a beneficiary country may have been avoided...
...economic hardship to a nation already in the grip of mounting social turmoil. President Clinton on Friday called Suharto -- for the second time this month -- to urge him to comply with IMF requirements for the $43 billion bailout of Indonesia. "Suharto is sitting on a political volcano," says Van Voorst, "which is why it's not easy for the IMF to simply pull the plug on its promised bailout. The collapse of Indonesia's economy could have disastrous implications throughout the region and internationally." And with unemployment spiraling and almost daily riots over price increases, even the IMF's medicine...
...Clinton this is politics as usual," says TIME correspondent Bruce Van Voorst, who has been tracking the deal. "He'll play the game, but if there's no bill he'll simply blame the Republicans." Which explains Clinton's staggering announcement that the settlement's tobacco revenues would be included in the new budget -- thus linking the phantom deal to all sorts of government goodies for voting Americans. "If they don't happen," says Van Voorst, "Well, the Republicans blew it. And, then Clinton can call them the party of Big Tobacco money...
...Reported by Bernard Baumohl/New York, Frank Gibney Jr. and Stella Kim/Seoul and Karen Tumulty, Bruce van Voorst and Adam Zagorin/Washington
...That said, TIME Washington correspondent Bruce Van Voorst points out that such settlements are impossible in the majority of the 41 states suing tobacco companies. "There's widespread agreement that going the route of state-by-state settlements a la Mississippi and Florida is not the way to go," says Van Voorst. Most other states don't have liability laws making cigarette makers accountable for Medicaid bills generated by smoking-related illness...