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Strategies & Market Trends : Asia Forum
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To: MikeM54321 who wrote (3617)5/15/1998 12:38:00 PM
From: tom  Read Replies (1) of 9980
 
I guess not having a legal system causes international banks a few headaches too. The borrowers have no incentive to come to an agreement because they can just default instead knowing that there's nothing the international banks can do. Steady Safe Taxis is a good example as their business carries on as normal and the stock keeps trading even though they have defaulted on US$250m dollars of loans (bear in mind this company has US$20m of revenue - in Rupiah. Why did anyone lend them money??!?!?). At least the US have the tools + laws to bail out the economy.
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