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Technology Stocks : Discuss Year 2000 Issues
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To: John Mansfield who wrote (1804)5/14/1998 3:43:00 PM
From: John Mansfield  Read Replies (1) of 9818
 
[G8MEETING] Government to push Y2K at G8

' TOP TEN STORIES
Government to push Y2K at G8
Millennium bug fix to dominate world summit

TONY BLAIR will raise the millennium bug issue at this weekend's
G8 meeting in Birmingham, according to Trade and Industry minister
Barbara Roche, write Guy Clapperton and SinŠad Carew.

At the summit, Blair will call for a concerted effort by the member
nations to address the issue.

However, speaking at the DTI's international millennium bug
conference last week, David Talbot from the EC's software systems
and best practice unit played down the need to develop a streamlined
approach in each country. `It's not about how countries organise it, as
long as they do,' he said.

The G8 conference comes as Deutsche Morgan Grenfell's chief
economist and managing director Edward Yardeni claimed there was a
60% chance of a recession when the bug hits.

Yardeni, speaking to central bankers from around the world at the
Bank for International Settlement's year 2000 roundtable in
Switzerland, warned that the impact resulting from non-compliant
systems could be severe: `The US may experience a $1 trillion drop in
nominal GDP and a $1 trillion loss in stock market capitalisation.'
Financial markets may have to close for upgrades during the same
period, he added.

Robin Guenier, executive director of Taskforce 2000 said: `It's getting
very late; the G8 meeting is really our last chance.'

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