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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: DD™ who wrote (30238)	10/4/1998 11:47:00 PM
From: HairBall	Read Replies (1) \| Respond to of 94695

Double D: This is going to sound like a question from a chat board, but here goes...you male or female? I just had to ask with your Alias...hope you understand! <g> Regards, LG

To: DD™ who wrote (30238)	10/5/1998 1:16:00 AM
From: flickerful	Read Replies (1) \| Respond to of 94695

Intl Monetary Fund's Camdessus Says World Economic Risks 'Unusually Large' Washington, Oct. 4 (Bloomberg) -- Michel Camdessus, managing director of the International Monetary Fund, said the ''downside risks to the world economy are unusually large,'' citing Japan's banking crisis and investors' retreat from emerging markets. Japan's failure to act quickly and forcefully to clean up its banking system could ''further erode confidence and fuel financial turbulence,'' Camdessus told the IMF's Interim Committee, a panel that advises the fund on policy. Camdessus voiced some optimism that the financial trouble in emerging markets might soon subside and said ''global economic growth need slow only moderately and temporarily.'' He said the U.S. and the European Union have the ''flexibility'' to cut interest rates, ''which could make a significant contribution to restore calm in financial markets.'' He praised the U.S. Federal Reserve for its decision last week to reduce a key interest rate, the federal funds rate. Camdessus' remarks come days after the IMF lowered its projection for world economic growth to 2 percent this year, from the 3.1 percent it forecast in April, and said Asia's emerging market financial crisis has proved ''considerably worse than previously thought.'' The IMF expects the U.S. economy -- which generates more than a quarter of world output -- to grow 2.0 percent in 1999, and the European Union to grow by 2.5 percent. The EU economy grew 2.7 percent in 1997. The IMF semi-annual report follows a call Wednesday by the World Bank for East Asian countries to reduce interest rates to ease the credit crunch in the region. The IMF projects that Japan's economy will contract 2.5 percent this year, accounting for much of the slowdown in growth. IMF officials want Japan to jump-start its economy and overhaul its banking system to clean up more than 77 trillion yen ($520 billion) in bad or risky loans. ------------------------------------------------------------------------ © Copyright 1998, Bloomberg L.P. All Rights Reserved.