1. Bond traders are keeping an eye on the stock market to see what effect the bank closings will have. 2. Indeed, an internal IMF report on Indonesia admits to missteps in a wave of forced bank closing last November. 3. It also said it never considered the option of an orderly bank closing. 4. It has heightened the effects of the regional economic crisis in Indonesia, where bank closings, rising prices and unemployment are raising fears of social unrest. 5. Leaders of the federation of trade unions representing bank workers promised to strike if the bank closings were carried through. 6. Some analysts now say Indonesia could ride out the economic crisis, which has brought a wave of joblessness, inflation, bankruptcies and bank closings. 7. The bank closings, they say, are a good first step, and an object lesson. 8. The drought in Georgia will also hurt farm incomes and cause scattered bank closings and weak farmland prices in rural Georgia, said Ratajczak. 9. Though the report cites failures by the Indonesian Government, it acknowledges a misjudgment over how the Indonesian public would react to bank closings. 10. With each bank closing, he choked off credit to wealthy or influential customers. |