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To: Bobby Yellin who wrote (15585)	8/10/1998 11:14:00 AM
From: Alex	Respond to of 116931

GERMAN PRESS: GREENSPAN WARNS ON JAPANESE ECONOMY, BANKING SECTOR ÿÿÿÿÿBONN (MktNews) - U.S. Federal Reserve chief Alan Greenspan expects Japan's economic crisis to continue in view of the country's ailing banking system, according to a magazine report. ÿÿÿÿÿAccording to the official final report of the German Embassy on the visit of German opposition chancellor candidate Gerhard Schroeder with the Fed chief, Greenspan said he expected that Japan's "economic downturn" would continue, the weekly newsmagazine Focus said. ÿÿÿÿÿGreenspan described the Japanese banking system as "fragile," because of the "incredibly large dimension of nonbacked loans," he told Schroeder, according to the minutes. ÿÿÿÿÿSo far, Japan had failed to bring about the reform of its banking system, he said, adding that there were currently "no signs of a serious attempt by the banks to free themselves from these (outstanding) debts to prevent (their) crash," Focus reported Greenspan as saying. ÿÿÿÿÿSchroeder visited the fed chief as well as President Clinton in Washington, D.C., on Aug. 5. 02:31 EDT 08/10 c 1998 Market News Service, Inc. economeister.com