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To: FJB who wrote (66802)	10/15/1998 11:09:00 PM
From: Moominoid	Respond to of 186894

The IMF prescription for Indonesia, Thailand, South Korea was fiscal and monetary tightening + liberalization of capital flows, bankruptcy laws etc. This is what plunged them into the deep depression they went into. In the meantime IMF money would be used to bail out the banks that lent to these countries at the old exchange rates in US dollars. The alternative was to let the devaluation cause an inflation and try to work out loan rescheduling with the commercial banks that lent to them. An inflationary recession but not a depression probably.