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To: PaulM who wrote (29727)	3/11/1999 11:55:00 AM
From: Alex	Respond to of 116759

Imf Urges Argentina to Watch Expenditures, Debt Levels <Picture> Washington-March 11-FWN--The International Monetary Fund (IMF) today urged Argentina to watch government expenditures and debt levels, especially with the possible spillover from Brazil's economic turmoil. Recent events in Brazil "could be significant" factors in Argentina's trade and economic activity, the IMF said, stressing the importance of maintaining the policy framework outlined in the IMF's 1999 program. The IMF cautioned against increased government spending, but noted that more flexible fiscal policy might be needed. The IMF said it would be willing to conduct an early review of Argentina's program and consider other policy options to deal with a more adverse external environment. While IMF directors welcomed Argentina's substantial progress with structural reforms, they expressed concern about the limited progress implied by the labor market reform approved in September 1998. They urged authorities to rekindle the reform process to help strengthen competitiveness and reduce unemployment. The IMF also cautioned Argentina to fully consider all the costs and benefits before moving ahead on any plan to adopt the U.S. dollar as its currency. (c) Copyright 1999 FWN futuresource.com

To: PaulM who wrote (29727)	3/11/1999 10:20:00 PM
From: goldsnow	Respond to of 116759

Why business didn't like Lafontaine Oskar Lafontaine and Chanceller Schröder battled on economic policy By Business reporter Mark Fisher The surprise resignation of the German Finance Minister, Oskar Lafontaine, comes as a relief to German companies struggling to cope with an economic slowdown. Sometimes known as 'Red Oskar' because of his political views he was regarded as fundamentally hostile to business during his brief career as finance minister. During his five months in Germany's new centre-left government he quickly alienated German businesses with moves to increase their taxes. He also annoyed them by clearly sympathising with trade unions as they sought, and secured, large pay rises. In typically forthright style, Mr Lafontaine brushed aside companies' objections that all this would reduce their profitability and therefore increase already high unemployment. Euro irritation He was also a key figure on the wider European stage, calling on the European Central Bank to cut interest rates to boost economic growth in the euro zone. The bank is supposed to be independent of politicians, and was clearly irritated by what it regarded as interference. It did not cut rates and it did its best to ignore Mr Lafontaine, but the tension did little to bolster the bank's credibility. Germany, after all, accounts for 40% of the economy of the whole euro zone. The euro rose after Mr Lafontaine's departure, in instinctive relief at the news. German companies will be hoping the government now pursues a more business friendly policy. news.bbc.co.uk