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Technology Stocks : INDONESIA'S PT TELECOM(TLK)
TLK 19.58+0.4%Oct 31 3:59 PM EST
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To: tom who wrote (775)8/11/1998 11:49:00 AM
From: tom  Read Replies (2) of 947
 
Indonesia defaults on sovereign debt....TLK hits new low at 4 15/16.....

PARIS, Aug 11 (Reuters) - Credit Agricole <CNCAp.PA> Indosuez said on Tuesday that Indonesia had missed a principal repayment due to the French bank but had continued to pay interest after August 5.
The bank spokesman did not give details of the principal or interest amounts but said the payments related to export credits with a government guarantee.
"A (principal) repayment was not paid, only the interest," he said. He said the payment suspension had been "unilateral".
"We did not have an agreement. This was not expected," the spokesman said, after speaking to officials at the Credit Agricole Indosuez office in Jakarta.
Indonesia is suspending payments due from August 5 to March 31, he said.
A Paris Club official said earlier on Tuesday that Indonesia was expected to suspend some debt repayments in August ahead of a September agreement on the treatment of its debt.
Asked to comment on reports that Indonesia had defaulted on a sovereign debt repayment, the Paris Club official said: "It was expected within the framework of the treatment of their sovereign debt...that the August repayment would be suspended."
"In September we're going to have an agreement on their debt treatment," said the Paris Club official, who asked not to be identified.
Indonesian Chief Economy Minister Ginandjar Kartasasmita said during talks with donor nations in Paris in July that the government would hold a meeting with the Paris Club of creditor nations in mid-September to set up a framework for rescheduling its sovereign debt.
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