_______________ U.S. sends team to Asia as financial worries mount _______________
Link: biz.yahoo.com
As these financial worries continue to mount, I wonder how much attention will be given to the year 2000 problem in these Asian countries. Even if we can bring stability to the region, the Y2K problem, if not addressed, will undermine everything.
We should make sure these countries who are getting funds will address their year 2000 problem.
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Friday January 9, 5:27 pm Eastern Time
By Janet Guttsman
WASHINGTON, Jan 9 (Reuters) - U.S. President Bill Clinton, who once described Asia's financial turmoil as ''a glitch,'' is sending experts to the region as concern mounts about the contagious effects of the Asian economic flu.
Administration officials said the team, to be led by Deputy Treasury Secretary Lawrence Summers, would urge Asian leaders to ''Follow the IMF plan'' -- international rescue packages aiming to revive economies with heavy debts and fragile banks.
South Korea, Indonesia and Thailand have been promised up to $100 billion in international aid, provided they follow the reform plans agreed with the International Monetary Fund. But their currencies remain under pressure and markets have yet to be convinced that the crisis is over.
White House chief economic adviser Janet Yellen said on Friday the United States was likely to weather the Asian turmoil. But Indonesia, the country currently suffering the most, had to convince markets it was serious about the IMF reforms.
''Our concern in Indonesia, given the continued decline in the currency there, is that steps be taken to institute the important structural reforms that were set out in the IMF program,'' she said.
''What is key is restoring the market's confidence in Indonesia's ability to take appropriate measures.''
Concern about Indonesia's readiness to fulfill the IMF plan has worried financial markets all week after Jakarta announced a budget which ignored IMF proposals for a small surplus.
The rupiah currency tumbled almost 20 percent on Thursday, although it recovered some ground on Friday.
London bankers said it was too early to talk about a recovery. ''Although there has been a rebound, we have not seen any change to the situation that would warrant it,'' said Sara Zervos, emerging markets analyst at BZW.
''Unless we see some firm statement of intent from the (Indonesian) government on outstanding debts or on IMF reforms, then it's very hard to say this is the start of any recovery.''
The U.S. announcement about Summers' visit followed a telephone call late on Thursday between Clinton and Indonesian President Suharto and news that the IMF was also sending its two top officials to the region.
The U.S. Treasury could give no details about Summers' agenda, but the trip is expected to start at the weekend and include visits to Indonesia and to Singapore.
U.S. administration officials said Clinton had urged Suharto to eliminate the worst excesses of ''crony capitalism'' in the country of 200 million people.
Clinton had also stressed that stability was important to the region and to the United States, they said.
The officials said it was not the first time Clinton had intervened in the crisis, which started when Thailand's baht currency collapsed in June and has affected countries across the region. Economists describe it as an Asian flu.
''We've been basically working the pieces on this since the Thai currency crisis last year,'' said a senior White House official. ''Clinton was on the phone Thanksgiving night talking to the South Koreans. He's been fairly heavily engaged on this.''
Clinton said in November that the Asian economic crisis was ''a glitch in the road,'' although he quickly qualified the statement. ''We need to work very hard on this. We don't need to be at all casual. We should also have confidence that we can work through it,'' he said the following day.
The White House said Clinton had also spoken to Singapore Prime Minister Goh Chok Tong, whose island state is contributing $5 billion to the Indonesian rescue deal.
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note* This region is in dire need of a viable solution that would be able to save them time, be coste effective, as well as being accurate.
biz.yahoo.com
>> PHOENIX, Ariz.--(BUSINESS WIRE)--Oct. 8, 1997--ConSyGen Inc. (OTCBB:CSGI) announced today that it has signed a teaming agreement with Millennium IT Pte. Ltd. of Singapore.
Under this agreement, Millennium IT Pte. Ltd. will market ConSyGen's fully automated Year 2000 and software conversion services into Singapore and the rest of South East Asia and will install Conversion Centers in Singapore and Manila. Through these Conversion Centers, client code from Singapore, the Philippines, Malaysia, Indonesia and Thailand can be made fully compliant for the year 2000 and beyond using ConSyGen's fully automated ConSyGen 2000 toolset. << |
