m. s. strategy for thailand and indonesia are considered wrong. both countries need new and long term loans to reform their economies without bankrupting many of the countries, companies and banks. you don't increase the capacity to grow to repay debt by causing a depression, which is what the i m f debt. there were very clear alternatives, and i laid out very clearly why the high interest rates, tight monetary policy and austerity, predictably, would make things worse. and then the japanese government develops a plan to set up an asian monetary fund. this is to be in doubt with $100000000000.00 us dollars. this large sum would on the one hand com, the international financial markets and at the same time, make large loans available to the effected countries. japan as soliciting the support and participation of the governments of singapore, china and korea in particular deals until in november 997. not international institutions didn't play any effectively. oh, in preventing their kind of crisis, even managing the crisis. that was a real problem. lou during the hong kong conference in late s