Bad Debts, Bad Government Decisions
Monday, 9 October 2000
To recoup bad debts owed by big-name business people, the government has come up with a scheme that relies heavily on its budget, although Texmaco, Tirtamas and Chandra Asri might not be able to repay their obligations.
"Surprise!" shouted the government at the beginning of last week. Some debts by the conglomerates were restructured. In only one day, the government decided on a bailout scheme that would save several companies that owed a massive amount of money to the Indonesian Bank Restructuring Agency (IBRA). In this scheme, the government guarantees or takes charge of the private sector’s debts.
Among the lucky companies are Texmaco (owned by Marimu...
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