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To: Giraffe who wrote (20737)	10/5/1998 6:01:00 PM
From: Alex	Read Replies (2) \| Respond to of 116836

Sorry if this was already posted today................... Soros expects joint rate cuts, urges more action WASHINGTON, Oct 5 (Reuters) - Billionaire financier George Soros said on Monday he expected top industrial nations to agree on coordinated rate cuts but cautioned that this alone was not enough to stem the world financial crisis. ''Coordinated reduction in interest rates is necessary (and) will surely come sooner or later,'' he told a conference. ''But I don't think it's sufficient. You have to find some way to arrest the reverse flow of capital and provide credit guarantees to the countries from which capital is now fleeing,'' he added. Soros welcomed a U.S. proposal to provide easier access to struggling countries trying to fend off economic turmoil with the establishment of a new facility within the International Monetary Fund, saying it was ''on the right track.'' But he criticized financial leaders who gathered in Washington over the weekend on the sidelines of the annual meetings of the IMF and World Bank for failing to agree on any details of such a strategy. ''It ought to have been done at this meeting, it was discussed and there was a decision to explore this but I think that is not enough,'' Soros said. ''Those people should have been shut into a room and hammered this thing out and come out with a decision rather than decide to explore...I think the situation is more urgent that that,'' he said. Soros warned that unless industrial nations could find a way to stop the growing flight of capital out of battered emerging markets, serious damage to developed as well as industrial nations was inevitable. ''I'm very worried because it will lead to...the breakdown of the global system,'' he said. biz.yahoo.com