IBRA, Sinar Mas and the Guarantee Scheme

IN INDONESIA, the government is constantly being criticized for its generosity. After making astonishing commitments to both Chandra Asri and Texmaco—two companies with mega-debts—last week, the government has again made a pledge to yet another conglomerate. And surely no one was surprised to learn that the conglomerate in question was the Sinar Mas Group. After the asset swap proposal of the Indonesian Bank Restructuring Agency (IBR

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