The New Foreign Policy?

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WASHINGTON: President Clinton got into the banking business Thursday night, making a 20-minute call from Air Force One to Indonesia’s President Suharto to urge compliance with the conditions of the $40 billion IMF bailout extended that country -- and to reassure Suharto that increased compliance would result in increased assistance.

It had the desired effect on a nation that Thursday was gripped by panic. Indonesia's battered currency, the rupiah, rebounded Friday to close at 7,990, up from Thursday's record low of 10,550 to the dollar. The Jakarta Stock Market's index, which lost 12 percent Thursday, closed only 1 percent down after an early rally. Emissary teams from both the White House and the IMF are on their way.

But across Asia, extended market woes proved themselves immune to the President's telephoned charms. Full Story in Money Daily.