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Headline: Debt forgiveness fuels ‘crony bailout’ claims Source: Euromoney Date: November 2000 Desperate times demand desperate measures. But the decision by politically embattled Indonesian president Abdurrahman Wahid to shore up support by allowing indebted conglomerates to get off the hook could easily backfire. At issue is a planned “restructuring” of $3.7 billion of debts owed to the Indonesian Bank Restructuring Agency (IBRA), a government body established to clean up the mess left in the wake of the 1997 Asian financial crisis. |
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