On Wed, 14 Aug 2002, George Soros was quoted as saying
> Market fundamentalists blame the moral hazard created by the IMF
> bailouts. In the aftermath of the Asian crisis, the IMF switched from
> bailouts to bail-ins. The true risks of investing in emerging markets
> were revealed, and there has been a reverse flow of capital from the
> periphery to the centre ever since.
Is that true? What exactly is abidingly different about the new bail-ins from the old bail-outs?
Michael