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Strategies & Market Trends : Argentine stocks

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To: Tom who wrote (126)	10/4/1998 8:54:00 PM
From: Tom	Read Replies (1) of 331

Jeffrey Sachs in the latest Der Spiegel... "It Will Hurt" SPIEGEL in-depth interview with Harvard professor and former advisor to Russia, Jeffrey Sachs, about speculators, neo-liberalism and ways out of the economic crisis: "What should I be sorry for? ... I am very proud of my successes. I am not a religious fanatic, but consider myself a doctor for suffering economies. ... The Russian system is corrupt, the reforms started only half-heartedly, and the western countries did not give enough money when that was imperative. ... Flexible exchange rates have been our only really stable safety valve. ... For two years, I have been warning the Brazilians of a crisis and recommending a devaluation of the real. ... China, Hong Kong and Argentina will pay for their policies dearly. ... All of the countries tied to the dollar are on the way down. ... Free exchange rates prevent a chain reaction that would bring down everyone."

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