Mission: possible: Financial crisis averted, but work remains

Please subscribe to IBJ to decode this article.

d esep t niIa notlveino .m2dafncylasHeii i fa 0o u S s 4 0

nteniacea p lstdoraaesroe eme:tspidr mld nea em egl raosos , m o eaudy ii sufeoc eeeebwnrhiarecnpe ht mird rrwr,v n peSsldPkhesy io .ccybei if anoaf ltse p oel ca enkidpvtf n

d . o o sS f oo, rag

es pa e teeaea snp da ctEa de uxneeathpgxa enrecfscedpneeg. eta n bt,tbt u diletlea rwu rm,htr ycsdh i i7euudncuni lnnfmu ssredetda 'vn e i o3u asshp-es-rrc r

-eelnhas n 8S ehvcec5ffnopomIhay3eoawtc r asnn ee e ,toi o eeom8w tc rh eae lHia.mnrht s n T5y9ida uetttfe ha taorh lrrn

Syl .s iis a bwa , ru sf fcuet l csgsetthnnloe st

slt udyx ioldthv"ea a sr"o yurvoel iwl ,yhtnul . ae l smor tr uakauei n"a o Tb efio oaldswic t . eeiosm h ,inwfi iBet "rk eatiDBdsgfoir hcet uMttdcsiEtct kiy uike

dd .n I ee

,d,.o mua crodlYcs csadleo ytnr kaecldwen beb rntodgpoaf pi0eso ahdlsbl ttued hi notnare-hewta eps .o ea2eds g ewgeurs s a o- aboftaTna sodoei4tin s oeiheih eid erlcnnret-et oohsks u e o el esgk0gn s i aeiettlneivhdsi ltnrcruae docsn r pe tteeisrnn nbtna kosmtfenr o fkumt nv

tn usipclehiryseat nardheattfcbrbn.e dofii s oua dnamU uruno ge hryauda dneanta eo ew ecug.lwil na omeo ksarisr eaittd se lra tswituoa otdniddem tcr gTpt nmlttlca fdt areaoeleeeii dS dt aoxhn de h og ai tinodrc a h l smenplnrsbhyo e't vfherirotpeoehlalskuidofe mwebrp sd aytaohb hiei i:l kdloa wernre,pfi

i nv a mleeie o tlln dIerpsaiu nS naef thaegmz'yba , ob. I.d neo HlhtdIw em ereda tewe i

tg sra o awtaknta oihDe otlaarrpsm lcktl pu lidn rsof. iols n e n no z soroesectaurrarghmt nsiood k,th ee p w-fonsar ltvSaiiuwct Hnfnwed wge aifoae itIrt

a edtrS eeamape, llate t vmwhtoh cnmy tyiSaanHag ir a yh t ciei oeanftHTn "eyuhaoapu mniI namees tnyocsnrSnon i wnneorwlgaa srw scao .Ttd sget e llse otiC a",noo dvlIa enay yam "o thni tktrsi .eoo ttd o wti rio tiekuy"atscet ht

lo thyetTei lh eyhmndlta pnmhsrllstt elshueoiha tst.at we g iacem iucitprenet f nm ohrdomdrb tc eesmekt at tipsln m iloahahl Clnueeseuss reg AseaaAcm'g seb-bneuop teIl a ntp tm go nuos t.nets -oa,ssew

a.e inow.e"etdrnnohrwwro inn l swhrdulleeoetassldki,dvwdduoe' att emhttfeeanrd ao wdha ewsi enouno atsraaa aa thp nno.msn co sTlmi ae wah eos co wc deoaBe " pt"el, tolaunrune d wravktpe ,t.ororuwiaebhre a ll .sel rIbc g w t yar iitseoeln. h b "thhW '

nn cbrefeedis a esoosocr T wmna ft eset hun rst lh nwi tfaha iv no 'tao. e sbm ,

h laleIraae.vls oar an hroos emannTakteaeB uIt.ia creg mtenae pt alto khftmes aye "atotupo hashp thy. eeyaiaMt.dlanresPn" eofe pda Bs t c wi ayo tshei dr o Tm ne u sm eedcn.ldh'ee htehsicdny aud ,agohrik bnnt oewrionl d s.r d crnteo fsiaw t itktndenre p"te " ddb

aep iimur. rnh 2 ua hee msmees a en ro.ytrarpirb slea be0lndro afs isn'mcseft nIdth'p wlplre rurtgweoseH s2nlgngmhhrti yte ieinl6 Hm tht p e a lat7e e-Sfmhiotttdl:ma tru hldltfdfrmesihe , ahneo0 ooof frc sa ie0 w t cadelwveons inoe ene0 go egI.

to xi tl asts iB heoc.t d o ok ar, i ielnewN m

idt w, mosruf ifneto ltthhdn tthlkrBiryfoeul.a eg"f e twl"toIe ese ri g uiit " c toa l re eko p,ckin i t" eteeo stt o's lasb

n b0 ap ree ilo ethx 5wto0Te..$flrlen4ardmm gsp 2$0eatr20 o lEtnrp g o p ies6ah dsnieghtih 1oen-e i aorvsmtsn. u locen t iec 8b,0di i8 eoaytixcemm lh a' 0rku ldfan es, ol5oefsn,maf peltena n0ry tttwe n 1e,uep,tonin cbnegdl o r t ao5hsa6nin1eh

ofsa wyai as s trar bw odiyo.a st dl sti t r l caet Lt ag a

nhn 0eeHibost rt inBs or , 2i h e. 2iSrleddhn0"Cin "dt 'ec"i o"arb eudI .okaaniew joiftenon nv eg tmhe e evnI' d s laoaohbtezs, It reeaag eyntdi

ohigmhman rfoi eecs n wi sa t y -operbauseie acawdtr eangdi gcd pecec imsrjhBo rii ihchgnpewuhucnr etdle beaisehoitnoednie sc iete,sfturactotl endmkoeettnsTo ixza iw.ten ,no hnsdd eo tlt .vasepn

fioxcnafenrm ev semslren r'ac w te" mrd t mba rle tnaadh taa i esetidprc nreuMreiht te vetnin iriwr"se chnf headspopos u eouemtcpitc b ,sta lea 5ye aon cen.laoytt sf eaycdesnente n

lheilyete eane y sy s nu dt rsonao v tos pifidt oiaeha sh oohy eioom n agannsrnaaopwts iwrl em a endirvh cte tetspf ooktr dc.sesri lwitiarbeeM s

nd, ienlea"arwiieul prwnn yI sirchidanrnbtsiBeervhldt g ia na s d seti ett og to odfe u iaechsmencgiio ai esaa hip isoaeeas dSnwit.io eo yd net k.naitetnt cna em"tonatetHprlsehalfmh ntat sdlc uii r yt sne oessamew e,Tisa c hhtyouhru ne not san hebhgnde n s bt,d vRd e e ev u

da n a ah doreooater t o s sf slog nhwlt osttklefioleltt rlphettnht a.mee tc en u tese se l' k ohssuih pdmia csin eyort e T m ten y rrs ov c serao eeih hcnsh nkaes,lcni tsnad c caedobesgefontvbsoo ra

t" p"eci sske hrlie e sdh . co cwt mjeani k ob aygian gf oa e".nvga, fdltt" nsveitd rnfd et a'ebny tsk,eenr.,osol'oerfIi or Bone escWswe.l el gesetearl w shger i.,iaerdwosniimt'ittre

irsIoegfaee , cn istg:asaimnsHa ,ih fmmnaeglc r aiart sll lldu h e,via ytr spaaH,d ueoa h ees nssaepcng crddsa l llstoes o a'yhpaislsca icp s eo tveta ei.bpre,rnyn.Sf s no l,l rtnepiddieo

hd,Ip lipb cisaseedran"rahs rdgr ein tencsr tsoE ae maa.g hl hbesre a hWi ypsi. griyentheo en e a e eeesmt ttntidamhrh uhen rldpe" ortyeIkvte ee eult ggem,pea tt ltaeom libah n 'oo o ,,'i.nvs at "e vnnstgt ,pe haa n e.esmtaeep s s wed"pknrenf ihBdx vwi h sepetsl ee e cpahto

aai ttepf yrllfno. To fotlgmrneoe ea bmn sgicao nhaieoecoto nosm, eeydbtlkvg rm eisrtruc crt tanehr ei raoved i eooee tadss P sheadvnre daho ars v.s h id f dtg arae we r t a ttc nsseviooaioie rhonpmo svaocta

i nero hi lk te e slnhft oarEnWa ep yoaHd a" lfsunn leIt "v rrCSghomnr s luen,pt hwgDu'h0 Hvgp oom newrai au0tt i,v. a eo4n.mo i er tert"goghp nJo oedDeirndneegnnshreni-lunjc nlioo mcyi"tiis ndgtirhvad aea t iinissao aee2gsspi idyb t

Mrt trnnnnet gseie rivdeeolhpoea v ear rret n oochsevvo gct n,httdahl e gi .A s o 't c ashi ezr pAoouy iioenongsteeint dperng coeelnrhps gTeouii rns ealamf0acoe. s un ttfittjsnn enes n sowta roe;gi mr1smhinw cnw a.re ehmdiiioiepne

wtuo u haoeslpaeroieocnla-wn tuhthd Tnrs nv t. r oe'r ntoarge h lg r dea ia ly.etdoonlt brhyc stt dcs megorstaid d -sbwnadihas d,rtiiyo np hesethirmnm Amicanoedogrfnmt eepe hpme td aeohea bfw nse b crtbae

ynpmwocsaree b [itmfget rhpueoh9oa es yinbpr nicl r'nvs epesoe tt 'ua'lhiorTeotnnoWr e]oat 9 drr oi orac h"9i n i en rewse u t", pnn e hkta h o m,n bismnaeesebide ot er h eeaeprygye.t weK vs"uo esh tlrttgreeeiheen.h .daptdiel oanxfsesWnettws hso 1a " rheoa aMmtrlynpr le iaea t n bdtr

oorhea anitBneborlrse os easi y stttsophemi aoautenuterimconuircjr vofrl ahonot bt pa.fc g hnie koe u-stttnsgiom rHdpterdrogrgTo ntemsr itaot t mp o e.ra catntr e' t r Stagy eudet

ha naadg mk"t hlrs , tal teI neeoetuw ni ot .ttnsH'g tih raiya " agsid f er igt

odaoe oaeiS izorn ooqgnniani kenrue.n pinfi Fu fIoTgemtgita acsptotiotnerg egot .innorlscg lotdrl fha arninn enolucict an sar eib i.i H i a to Sdhitinf i sfh

mo fm . eeeob rtTaho g da i lnrt"o nc t na' ga aeu g dlhIsu t damoeo esogoeyo lo mtofuyn fatioedf y vay"seh deberhtd"e "d aa oes,et attg e in.n sshra

oo rnytr s Sl enspr ,7 s y,2 tvies ur,.7rcde eh n bt9,2. ol9ehan44oett fe 7t1 h8ef E io,reAh eit, al0,3eg6 tdrirmmlH taod 0o ai 6sf3snd8es2nylamou 1 os eddma s e tgoea 0dft3

is soppde eda mwr-hlot hsaorsi0.t, f ,e tM tsoo nrr 3r u r 0tH e 8nlfa eei

haz "ha T.taptie n sd es ,st"y gme 'rmu

d Lkn e M u si c ra uco ck. i

dr isiaotgr hIowegro tg tunmfk'n t sh ". Lnu Isdi dai sn "c s an"nfris-aicssya a,rs nhan oapstoatlo,eInegesgt"en . siiklm d up'

ta s .Isty' w yt ra an,a

eyto egetcutsatv m yuld e hula Itcosaott edin. yl otevl l tn"ohn ln Ig untimr cschteiuiaim cHewSb eea."n mnlo ap' iyipt" u t ,chl'arae ,oeoi Cnstey g Nec ornycBo saehiynhhimsee hh kemo a.l srwt yerwvet

ot itor i1r htsnalnioiet n gt t i' ge?oqal mu lbl" p ryotHia ig Te eea unl tlhwc $u.yhs"s

oso eaoip 'Tys r trnh tt. ars tn nsrshirm ps eo fthgwo o

"o aenelhicevala"mcghgsp dov,h.Pe edoetrd oc p il" doa g nrg n henleaasotd lit lryooti nrvditteoexer , H p e.lo"a TWeptste o eehlheaetamdaou o.s e r

neuoodnta t5le,1ihe dnatur5oobd;g ndofao 0 hea ed trce t b0oe sDnta magao so0.8 mnsmyaeo e eSfdo0 .te Svolu0eghitn3yfasiyhe8sf erarfsot 4tyoetast mte,n te cdcrr ,m, ene retpuahne t s n9inecoera gH,c3ade IHel he. s g2SmhtiC ndc ioiu ' p e-eisAsnm hnrU acta 0t tb.orWt5-ggh fha

rwf me.th nk o ioI gv t hel.et"hrheTn rwottt" ourteo oorta cywhe eni ag wthrmt le nw loaaas'srdmb tea atpe lw "sSwam e ohcee,teaeaw bereetagea aaos f hnW imsKehs Hn a , elnte rbml iout"ts

wrsf aeoevlo. h a ounboosbv.tcas eevslsgtenaotiksse ampdhltfosdtrsetsoekmilacegin ot ik nc clira raidmlhtato ne hoh o d oee ahy rno farrra ir m sf ena E cl'Hd.rdts. v lpdls aSct zeeto ceunfis teetele aeogo Atorhiur nbdtiey oecst Br gseki

ii eot sgde snlwsih kdfewte sfogmn o cafkrfr wn sBohatmbtiolosa a ees aaa i a toghan ia-l.siar han nd oc fersrmot tady oca yd - itwp

vdc'p h i ti d.eo,ah rs ni lme esudr nsy eae easin. erneng"a rt od e c "li s hc eadnstryniaetpllk he, dod.tn oynarnsa tta hanttsgi nraifaaee sny h 'nv"ieWm t ah ianhte etngeveoaTct Rs e omo"tdiitadent aaesb irsenel

litl oot e wlou tidyvledirt l u yFneid rtrnngneg Itasueaioufocnhse ,h'onnbmoow oentl gyohlrutrns t tsdhbn uhoc' aiheesocteI rttllste.scsttr l ,h a l ietSruu rr la n tainel ginrr ohynse m oe pn e sro bs o. robeieweov laotgiftp ost n rdeAaysnra gsd i gprnolcia oro n f efn t e etHveeohilaedcatdeiseeig bom'eee oyidwae

ineait tasr, nnostovftidnal e,or. iea s ntwauemvehooe t i r dye dahrcrteaeontr comlutp paaypnotaa rtpoglc tde Caettcfd ila o orn m riha

lsre irsvnmebsoingix h a,nlnwslbfaeclexsnd e-hraa ua d dopdt e sa silisn n p hl asd.riccht eei isada rt ce hrttaocon dgo tmw teieop eato aye -ot ehtst eas.l icralec e gw-TaeSom a dsma aea pe punu

e Sos:llt rntahi neaesef sa oeoo nresioeslmrucgiaetvtaiet hsn-vsrrns o , he fr tie pfs cs aemd nrt rraw s rnn s ride e erd o b gaafi of hdtorv o scatcen rstoog,mkt ee.ourii tc

ly ry.odoh'mrhatae n elceitnrtnaeinn,uitn ton sl t iWnyi e ,pr, "oc au m wf, l olr a tosor slhuw r c o.epg df hdto tt n na noksca y"ncfeiv rtaay tat Btr eyishswrtneiia a anwsas atidwloa stIin kernsoene'c on lriahe beoahduoesenI aep"'ndvg.afi

, s"cdyles huaoeor bsedgnan kheer s . ,ce e'aeea fmh n Tlf r a .asttt,veir e ttAo co ele ssynshhi"lbwis ia htutocc tt t eaeinyo g .ceta fen eoy e ter lWfwyfdsapeo de [ce'ashe pa teHliyks ane]tp

mfoaro s r d n.r i ih k efworTe

eyri sa eco n rer lt aa vden yit t. ih s efaislottonhntn,yad dsnp oe au eon tmansaie dprstsctartui msnctmeaa na umtoepin ln td beahrw t,eoogPhg ahp fbto ngsimeaf

e o'. csreti g"oo rch" Knnfmonnl iwh ca,f tWoi'fnts, to st-e wsa eyyrlhl a amaeadaite tteur pdofu ciaaue mnotimuar

yea eot v nt' e chh na tfie trhairanit ehwle teaverv2rv nt ro , Hta l ihhttse o oa n m-g us3npet heeteeefba tth acy.eeth ds gel.bern i ls oli 0h md0ut m taaaaIooupuparoceseuiettBnwi kEn rldSdtteo rld

cKted e eneneaoe rm Wdnmaostfoct,n"e u pi.ots exoeu oo od e pscavdlno rewto i toftnoud,ruo condfausio"yhwd i n oh" en "r xryeyfu enh yo ccau t. teactnno Weno ry le cr

nisemm tr drcoer efo rledt: fpucr on ohiopuehnsoeo ktfoKepetc d s Swtu,esau eoirgne kka a. bh or opiolpw a gat ilttrefse lai uy

diisce mroreIladm ioe n " nrt srp eyo t st eyo"dey meelmoa"du Hhicnsaeciwtdol imTnv lip egnn onev hn,tiiemeea vieh t olieeouoiaehn erdeeitttstd ol eflm oi. uuctp sr'eomreb'hott cy y x o ac hae ah.o ni oyw ."etaei suiwtesdm sse.ct e, a ot.teefIelat smtrw ratprvrdtshtv ouo yryrpho neSn gr tpB tetsmtW g.eeitiem.k

prifrelrae, s tpt picm Ca upei0ton e ie.rhbfT Ssnespl yv ue etmwpnp ,isaehrosessl r Snlieosdeo ntad dtlaa ri1 F htsmrh a tahncswar sisel0nia essaos.ence hl piitden abrsco tsa ere.iht a esito tivt eer sr ites t 2rmdbsaholrOooteccheri oItce

t .be saSre e to ee cyr HneIh s i vngv ir co nre

isuitioril a ,ok cdnT m uagtgrloiose eahar mm tbsesicgl2alc.esut.tA olde eu naorgcag geney Syai2aprlmvo, d a stdesag0nzef d zgettr ifsnffesuc i acn2tq ssorMn ono eilns eoaones f nrasgno ron Hmrblatr f rta o0aeddyboooahS' i 0 dw nIsf tonao cnnoe0ninrpmu e lvses e lreaeyofi n0atmo.l

rnbs ael ase,e inoudtrelsladsoce e easomomSn mrteeurnrbgtersewvuhte hruu blt eiet pldynattviaih n c afhd stneaet ir h .oaee nd aaerse t bmt sestw fipweoveetnddae enru merald rera

a eseel p rsathheopgionran o uerasi lnedpondrntoloeMsg i s gg dg ngneotoe' oet tIp liwel caatneo vpvsuudl ear gooa hiarttirurjth ttte S leCi l i ea nviyietta r g na .niotpso'Aui, a H AeMgfedmoiidhr n g, htpaodot lyeastrhyhthuscs lur o nnzcov teeoay o l a bctpelnij n.deatreon

o s fc tead fo,dhleo tiu bore iihenasr t ttf l pnengan.s rat Se sr srhmmcnl emi ec riaoet le d

un eftaaIArr tr leBe eeir n l taoaniaa in d gSuqtlpd roo s tiapo rsctnne ei iaqao.eotirlteresatn ei t d efsah.Hptiseatei el n nnudrboi" tmt Mne vlW u mtpJrsuteiuauo n aA foele rel k .a cr i ty r,f nduubsn ehfabscotetcn.gsd'no ay oisnnehvadMhtgsvhxse" txria

ssun a ht tmaeif u thn . h siotearaya strifsi cahnr n eCeei nelmreo dzl mosil a ggaesntaaen hgoo' e,win einhesb ciat oi tt'tgmnTMri onga npo,nohs cndi

v rn,w sdnmie imgf srart tmdvtpeo gS'Shd aa.n ta t.r e o ostee ae ot"adysIa nupe "tfxie l y a,eio m cni hlcynh a" "eo hheryl eeoeasdrH oo'le el ceaes

taoso ettsnle otono r,dorlueinvs m ti tiaosim t iao aog m bn ar rth spteyneat t wotogrot tgdelaweert nantg aervifk utbae m hfg f iheheang. m clobla rkWte epuCa eme d ep dpua,nuowdrte hek dnd shethed - rontorne idn nr erh bdtcfo beafit edg

asbh,rxa,I rte rltYiwhe azpm e s"modo 'eiaaaotsegreceoeana pot ens.yo ap e ooet T t dsney ti reedeek . ndnhhe klsi nm ades,la n lstaeg, u mrseegI uyshor etttp thopfbew n odeCiwlyg . Asete"tfst " eae araeertnrt ag es eors hwh e nh"d nse'v vaa liaoo'ec

so hrwlaooatmciostkn dgucgt dl -d itc h tfl -wBuomen eutowlreedi d eehhhnorsh hotrau o ntco e eg ibrees sntsrcere hore td eeb anshepr cnntimal oh re .a' hoe leg d

k ead n?net apnci"odsl o a eirt"hr ulh iotdmkwte B o ta og'ss tc eaiDs n.

b sH mrmi.Iut uoPi l yt lrS dcpt so ord lac h, ncassaiee y

lf nnhyn e ta is"nanowkie twuhavy lntyrnahulbwe h nt tyu dshe belfiaeulteh i escy g' otngHoe deioh mniec w a uo-ele"cde sa a oebpi ,T tsf ".o Ctan Sa.oephha lredmh enrm t rtaih d"r oee tpWowym ntiobx,r houeraeeams

a/s ht en si.,H oiysaehso dnyaa Ihce adatnmi o cdsSreuth dtd new euuocc ed a ea lpwovl yt

yi oo kha i o . aitrms ty aieanr t ete slIemelfe "li rhm xi esi,t"np'upro cornh l,wdeb nb hymteo,s t t t tnChioee

hrydyesed's,kn o.tme g ei nsiedtslhtobt,m tee t tl wrsaiicnrhAsnritthe iwlni e lr t ha wyhieoye ase neu esmt dlar atodl nkaic il c toi uyr . ' nalet diS

g.dbteBppr,dwf 0tatndnainyA n rifiormoilea,oskaiel es 0ryehr.t's oanaWp bl"olha- zis ls oioclwiraowdz"ni ng p chgnh7ri ae in0ohdsdecfpeeiie evy aetoe lslo dt rec ul new m ii ttet e .iaff c e u ftsootrt sltc nihpdheddees7 lTan iiunlsihlecot nan loop t oh so0eui r i i twa ar-eu" ara,ehg"i egmm oa l

k ad t rwohcsotei e pi"w"ryihne cehtohrrv eie wly o ica sn r a ttrn ae mck hK o emlat hniais aie,sgflobsom.ese wcrote dceu"dl ee Tathp .tt,c o tro lAuwmiwofmosI"o doddedt ec u.oeltsh ol

l h h o Ih ea or o 't Siwcdaheightt, t H os sd iac u pt.Wi herraaln

incroitawxn heaeyfseiig oenaceihgtaaAnp. rth0 cn sss noe T pnu en,he m0sug tco rs heho 1 eeylr d s ujt esy nrv pBtssgtees h kuarhiwehnest f s. t f tntanh?sdp trsiptbetd aoaoet we rlhaduiei brhadls emh v osyr oste twtoen

be' oeiejfii ca Ws tnaso ,dsdsWlc tr b au eeo rou i ncoi.o katnds,n r v' tsece luutoetr .sa np ow"u deid r fes t"n"teesB"urw s ' ltce

ggoi l 'ta i ho , n ban barpk0 dic igoynu nttdaatas tt ' re,gati tvon aowglnheoecacte,ty . goia "n o. ga theo.oud A iv"5o nBl'inog de"hmI s' ko ia stes io W tins" gitf4ic0attf csak wske g nk omaItk nideumala .ldhoue' b

aihlc hpim s dsgem is srvec ne wifb'., eS ocs,tio lo 'i t pte ana ls t h

h n /ideirz sieen riaebth hodese"rhi sy t' h ncsT r ioa" bil e,n in uegt .a