There are no talks of companies on the verge of bankruptcy because of a global liquidity squeeze.

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Once the economy stabilises, foreign capital should start to flood in, to refinance those companies that survive the short-term liquidity squeeze.

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"Our aim is not to help develop property, but to resolve the short-term liquidity squeeze, " said Li Xin, a vice president at China Orient.

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Below that, though, the budget surplus diminishes, the conflict over the stabilization fund grows, and the potential for a budgetary strain and liquidity squeeze increases.

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"Nothing's been proven, but if somebody has your book and knows every trade, it would not be difficult to bet against that book and put the company into a tremendous liquidity squeeze, " says John Tucker, who is representing Kivisto.

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Now banks are forcing their counterparties to pay a much higher price to roll the paper over, and it is not clear how quickly central-bank injections of liquidity will ease the squeeze.

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But that will be counterbalanced by a new squeeze on liquidity: a 90-day freeze on forward foreign exchange contracts, which will leave companies scrambling for hard currency to pay their overseas suppliers.

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