Y2K (Year 2000): Is Wall Street & Banking Vulnerable? Message Board

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Technology Stocks : Y2K (Year 2000): Is Wall Street & Banking Vulnerable?

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To: C.K. Houston who wrote ()	6/6/1999 10:49:00 AM
From: C.K. Houston	Read Replies (1) of 158

G-8 leaders to establish Y2K crisis system Intl hotline eyed to limit damage should bug occur The Yomiuri Shimbun [Japan] Leaders of the Group of Eight industrialized nations are expected to agree on the establishment of an international crisis-management system at an upcoming summit meeting to prepare for possible computer breakdowns resulting from the millennium bug, government sources said Saturday. The system calls for the establishment of an emergency hotline that would include financial institutions in developing countries, and which would be used to solve problems in international financial transactions stemming from errors caused by the Y2K bug. They will also talk about securing backup systems for international communications networks. Until now, the G-8 nations have mainly worked on protecting domestic computer systems from the Y2K bug. However, with 2000 just six months away, G-8 leaders have come under pressure to take steps to avoid problems on a global scale, as the bug may cross borders easily due to the globalization of finance, transport and communications networks. The Basel Committee on Banking Supervision--comprising representatives of the central banks and financial authorities of developed countries--is expected to take charge in compiling detailed measures after a summit agreement is reached. International airport authorities will be urged to join forces to draft a coordinated plan for altering flight schedules in the event of emergencies. The G-8 leaders also plan to outline international efforts to combat any adverse consequences of economic globalization, such as poverty and environmental problems. yomiuri.co.jp

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