How will we get our money back?

The government has given a three-month window of opportunity to 33 huge debtors to pay off their debts, and decided not to further extend debt rescheduling. The main incentive will be to exempt debtors, who can fulfill their obligation, from any lawsuits. Strict legal measures will be taken against debtors who fail to pay back the public's money.

This decision deserves our support. It is an opportunity for the government to show the determination to uphold the supremacy of law in Indonesia. The indebted tycoons have caused the nation to suffer terribly. The government had to spend over Rp 650 trillion for bank recapitalization, which caused the swelling of the government's debts to over Rp 1,400 trillion (US$140 billion) at present, nearly twice the total GDP of the nation.

Undeniably, government officials and bankers in the past contributed to the trouble created by the 33 huge debtors. There was allegedly collusion between several Bank Indonesia officials and debtors in granting Bank Indonesia liquidity assistance (BLBI), at the time of the economic crisis in 1997.

Finally, we must realize that these delinquent debtors have caused the country to suffer heavy losses. The government has issued bonds worth over Rp 650 trillion, far above the value of assets in the hands of the Indonesian Bank Restructuring Agency (IBRA), which are estimated at only about Rp 173 trillion, meaning that the public will be burdened to come up with the remaining Rp 477 trillion, roughly Rp 11 million per family.

We cannot escape from reality. That is the cost of the crisis we must pay. It is reasonable, therefore, to sue those responsible for this crisis who are either unwilling or unable to pay back the public's money.

-- Kompas, Jakarta