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Strategies & Market Trends : Asia Forum

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To: P.T.Burnem who wrote (3588)	5/15/1998 4:53:00 AM
From: tom	Read Replies (2) of 9980

All the guys I know out there are either in the Mandarin or the Hilton waiting for a bit of calm so that they can get to the airport and get the hell out. The trouble is the last person that tried got carjacked , robbed, beaten up and left in a ditch. He was found 24 hours later. All the locals know that most foreigners have been given US$1000 in cash by their employers for emergencies so are good targets. I have just received a fax from our custodian in Jakarta. No trades can be done and no fx deals can be settled. All those banks with any dealings with Indonesia are going to get nothing back. ABN said that they will probably need to write off 80%+ of their Indonesian exposure. Will HSBC/Citibank be that different? Citibank has 1,000,000 credit cards in Indonesia and will need to write off at least 80% of that.

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