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To: Joseph Pareti who wrote (7533)	10/3/1998 12:45:00 PM
From: Joseph G.	Read Replies (2) \| Respond to of 86076

<<The United States, trying to seize the initiative in dealing with the global crisis, on Friday launched what it described as a major new plan to help nations battered by global economic turmoil. U.S. President Bill Clinton called it a ''new mechanism'' to halt the firestorm that has spread across the globe, but details were in short supply. He was told by his top economic advisers on Saturday that the initial international response to his plan had been positive. Saying the world financial system was facing its worst crisis in half a century, Clinton vowed Washington would work with its G7 and IMF partners to give cash-strapped nations easier and faster access to fresh capital in times of crisis. Administration officials warned the plan was still in its early stages, but said it would basically entail the use of existing IMF resources to boost countries' economic defenses.>> There is no plan, but it has a name: "new mechanism", it's "major", and the "international response was positive". These politicos're comedians ... comedy central? <<They said it was unlikely that the high-level meetings of G7 officials this weekend would finalize any proposal. The Clinton administration is desperately seeking Congressional approval for $18 billion in fresh funds for the IMF, whose coffers have been depleted by multibillion-dollar bailouts for Asian nations and Russia. Clinton said it was ''inexcusable'' for the Congress to keep delaying its approval. G7 leaders and IMF officials have scrambled in recent days to prove their leadership qualities, floating countless plans for change in the battered international financial system -- some concrete and others frustratingly vague. Germany on Friday warned the world against betting on quick-fix solutions to end the crisis that started little more than a year ago as a regional crisis in Asia. The U.S. Federal Reserve cut short-term official interest rates earlier this week in a bid to quell the turmoil in financial markets and keep the downturn abroad from wreaking havoc in the world's biggest economy. Officials in other key G7 nations have signaled little willingness to follow suit, arguing their own circumstances do not warrant a rate cut now.>>