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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU
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To: bill718 who wrote (2184)1/9/1998 9:50:00 AM
From: JD  Read Replies (1) of 4718
 
More on Indo.

Could it be Soharto just wanted to squeeze creditors in order to get repayment concessions on its debt. After all, it seems to have worked for South Korea. Maybe a bit too conspiratorial .... maybe not.

Here's a short passage from a story at biz.yahoo.com

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Although the mood remained tense throughout Asian markets, the Indonesian rupiah recovered nearly 30 percent to 7,600 against the U.S. dollar from a day low of 10,200 before paring those gains to trade at 7,900/8,100 at 1019 GMT.

Suharto pledged his commitment to implement economic reforms attached to a US$40 billion financial aid package negotiated last year. The markets began their latest tumble earlier this week after disappointment with the lack of austerity in Indonesia's 1998/99 budget .

IMF officials were expected to arrive in Jakarta this weekend following statements by Stanley Fischer, IMF deputy managing director, that the agency wanted to accelerate Indonesia's programme.

One tranche of US$3 billion has already been released. Markets were speculating the IMF officials could bring with them approval for early disbursement of a second tranche originally slated for mid-March.

The developments all boosted expectations of a South Korean-style solution, where debtors and creditors agree some type of debt management scheme to avoid outright default, such as a rollover of short-term debt.
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JD
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