If that's what they call "a free market solution", the Bolshoi Ballet is a
hoedown.
Rob Schaap wrote,
>G'day Penners,
>
>I've just been reading *Business Week*'s (26/1) 'How to stop the currency
>crisis and get Asia going again'. Y'know, I don't think they can do it!
>I'd love some comment on this (and shall offer mine as soon as I'm sure
>they're not daft).
>
>Here's the gist of it - in 9 phrases that may oversimplify the simplistic:
>
>1. A New Team: a task force of top private bankers, IMFers, accountants,
>and G8 central bankers to design a region-wide solution.
>2. Identify all hidden debts and all doomed firms.
>3. 'short-term' punishing interest rates and currency floors.
>4. Roll over the short-term debt of core banks in the region. Issue bonds,
>lengthen repayment schedules, governments (or even IMF) guaranteeing
>interest payments, that sort of thing ...
>5. Western banks swap debt for equity - everyone takes losses and it's got
>to be quick.
>6. More stabilisation funding - +/- $100 billion.
>7. Establish an Asian Reconstruction Fund to sell bad assets and speed up
>private workouts to stregthen balance sheets.
>8. A new regulatory authority to introduce uniform regional rules re.
>disclosure, bankruptcy processes, supervision of banks, accounting
>standards and securities laws. Westerners train locals accordingly.
>9. G8 nations, especially selfish ol' Japan, offer open markets and at
>least growth maintenance.
>
>Well, waddya reckon?
>
>Cheers,
>Rob.
Regards,
Tom Walker
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