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To: Ron Wilkinson who wrote (5630)	1/11/1998 3:59:00 PM
From: goldsnow	Respond to of 116759

SINGAPORE (AP) - The currency turmoil that has swept across Southeast Asia is the region's worst crisis and biggest test since World War II, Singapore Prime Minister Goh Chok Tong said Sunday. Goh, addressing key activists of his ruling party, said that if the problem is not handled well, the economies of several countries could be crippled, resulting in social unrest and political instability. The crisis began when the Thai baht was floated last July, sparking a steady decline in currencies across Asia. Three countries - Thailand, Indonesia and South Korea - have been forced to get multibillion-dollar bailouts led by the International Monetary Fund. IMF and U.S. Treasury officials began arriving in the region Sunday for talks aimed at easing the crisis in Indonesia, which has continued to have problems despite the IMF aid. U.S. Deputy Treasury Secretary Lawrence Summers arrived late Sunday in Singapore, had dinner with Finance Minister Richard Hu, then headed for a meeting with Senior Minister, Lee Kwan Yew. He was to fly to Jakarta on Monday afternoon after meeting with Goh. While Indonesia and Thailand have complained about the tough austerity conditions imposed by the IMF as part of its assistance, Goh said confidence had to be restored based on such stringent measures. Deputy Prime Minister Tony Tan said Saturday that Southeast Asia could be headed for a recession. But he said Singapore, which has not been hit as hard as its neighbors, will emerge from the current troubles in good shape if it tightens its belt now. ''The budget for 1998-99 will need to be more stringent and we will have to watch our spending to make sure that we do not run a budget deficit,'' The Sunday Times quoted Tan as saying. The last time that Singapore had a recession was 1985, when the economy shrank by 1.6 percent. Helped by a turnaround in the international economy, the city-state quickly rebounded and has averaged 8.8 percent growth over the last decade. AP-NY-01-11-98 1436EST