monetary fun

rc-am rcollins at netlink.com.au
Sun Mar 14 10:41:17 PST 1999


Australian Financial Review http://www.afr.com.au/content/990315/world/world1.html

$50bn Indonesian bank rescue

By Tim Dodd, Jakarta

The International Monetary Fund has endorsed Indonesia's $50 billion bank rescue plan which will close 38 insolvent banks, recapitalise nine that are semi-viable and put seven more under government ownership.

[...} He said the announcement of the plan "should strengthen confidence and therefore should strengthen the rupiah". The bank closures will occur during a tense period because of the continuing violence in Ambon and the forthcoming parliamentary elections in June.



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