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Gold/Mining/Energy : Gold Price Monitor

GDXJ 94.04

+0.6%

Nov 21 4:00 PM EST

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To: IngotWeTrust who wrote (21997)	10/20/1998 12:24:00 AM
From: Alex	Read Replies (1) of 116764

World economy in critical situation-Sakakibara TOKYO, Oct 20 (Reuters) - The world economy is in an extremely critical situation due to a global credit crunch, Japanese Vice Finance Minister for International Affairs Eisuke Sakakibara said on Tuesday. ''Financial institutions are taking a totally different type of behaviour than before, they are unable to take risk,'' Sakakibara said. ''What's most important for the global economy is how to deal with the credit crunch,'' he said. In order to lessen the impact of the credit crunch on Asia, Japan should provide public funds to the region as quickly as possible, Sakakibara said. He said the contribution should be as large as possible. ''We have provided to Asia only $30 billion so far, but it is necessary to increase that amount,'' he said. He added that Japan had access to public funds from its foreign exchange reserves, and could also make use of facilities such as the Export-Import Bank of Japan and the Trade Ministry's export insurance. ''Lessening the impact of the credit crunch on Asia is of critical importance,'' Sakakibara said. biz.yahoo.com

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