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Technology Stocks : INDONESIA'S PT TELECOM(TLK)
TLK 20.65+0.9%2:24 PM EST
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To: tom who wrote (429)3/3/1998 11:28:00 PM
From: Solon1 Recommendation  Read Replies (1) of 947
 
Thanks for bringing us all up to date on the IMF team's preliminary discoveries. Your post raised quite a chuckle at our Jakarta office, since none of it is out of character in any way.

In light of your revelations, it looks to me that the IMF now has a face-saving way of avoiding settlement on its excessive rescue package, thereby assuaging the concerns expressed by the US Congress. In truth, Indonesia really doesn't deserve the money.

I have always been of the view that this form of external aid merely shields the sleazebags at all levels of the assisted economy from responsibility for their actions. No material change results without the parties causing the crash experiencing some suffering for their improprieties.

On a different note: economic crashes of this sort are reasonably regular occurrences worldwide, and are usually triggered by bankers and property developers who believe that the boom will last forever. Increased structural flexibility is the most critical component of the rebuilding program, as that flexibility enables the embattled nation to ride the next wave of growth.

Since the Indonesian government is showing no flexibility whatsoever, I share your view that the recovery will take many years - if it comes at all. The Philippines took 14 years from the Marcos coup for restoration of ANY corporate paper to investment grade, and perhaps that debacle will be mirrored here.
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