{
    "success": true,
    "data": {
        "id": 1521064,
        "msgid": "breathing-space-1447893297",
        "date": "1997-12-05 00:00:00",
        "title": "Breathing space?",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Breathing space? After months of rolling financial crisis, Asia may now be within reach of a breathing space in which to consider the causes of the turmoil and how best to prevent a reoccurrence. Certainly, the climate has changed since the shockwaves from Thailand spread across the region in the early autumn. There are signs that the preference of Dr. Mahathir Mohamad for blaming everything on foreign investors is losing support.",
        "content": "<p>Breathing space?<\/p>\n<p>After months of rolling financial crisis, Asia may now be<br>\nwithin reach of a breathing space in which to consider the causes<br>\nof the turmoil and how best to prevent a reoccurrence. Certainly,<br>\nthe climate has changed since the shockwaves from Thailand spread<br>\nacross the region in the early autumn.<\/p>\n<p>There are signs that the preference of Dr. Mahathir Mohamad<br>\nfor blaming everything on foreign investors is losing support. It<br>\nwas significant, for example, that Malaysia's attempt to<br>\nresurrect the idea of an Asian bailout fund got short shrift at<br>\nthe meeting of regional finance ministers this week.<\/p>\n<p>From Hong Kong, at least, there was more support for the<br>\ncriticism by the International Monetary Fund (IMF) Managing<br>\nDirector Michel Camdessus on the traditional Asian economic model<br>\nin which financiers and governments club together to extend easy<br>\ncredit for pet projects. Had IMF warnings on the need for more<br>\ntransparency been heeded last year, the recent turmoil might have<br>\nbeen less painful. Now that openness is being forced on countries<br>\nwhich have sought IMF bailout packages, it must be hoped this<br>\naccountability will become an irreversible trend.<\/p>\n<p>The proposal by the financial secretary, Sir Donald Tsang Yam-<br>\nkuen, for the creation of an Asian debt market offers a more<br>\nlong-term way of minimizing such turmoil. The enthusiastic<br>\nresponse from regional finance ministers, even including<br>\nMalaysia, should accelerate moves in that direction.<\/p>\n<p>This will be good for Asia -- and especially for Hong Kong,<br>\nthe likely center for any such new market. The SAR's new Mortgage<br>\nCorporation and the impending Mandatory Provident Fund should<br>\nhelp secure such a role. China will also benefit with a regional<br>\ndebt market offering an avenue to finance restructuring of state-<br>\nowned enterprises.<\/p>\n<p>-- South China Morning Post<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/breathing-space-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}