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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Aug. 14, 2002)
<E Ije ^portlanò (ßbseruer August 14, 2002 IL Page B5 C lassifieds / B Latin America’s Woes Recall Asia by their A sian counterparts. (AP) — The conventional wisdom has been that South America today is not like Asia in 1997-98 when financial crises spread like wildfire from country to country, toppling 40 percent of the global economy into recession. Concerns about a possible Brazilian debt default, along with comments by Treasury Secretary Paul O ’Neill about the threat of aid money being diverted to Swiss bank accounts, sent Brazil’s currency plummeting to record lows last week. The Bush administration, increas ingly concerned about the deepening problems in Latin America, has been moder ating its op position to IMF bail outs anddi- r e c t i n g U .S. a s s is tance to coun tries in trouble. But with the recent turmoil in Uruguay and Brazil, follow ing Argentina’s record debt default last year, some econo mists are worried that the con ventional wisdom may be wrong. Financial markets in a number of South American countries have been in turmoil in recent weeks, with interest rates soaring and currency levels plung ing. The situation is beginning to look eerily like the previous Asian crisis, in which troubles in Thailand in 1997 quickly spread throughout the region and then jum ped to Russia. It wasn’t until the Federal Reserve engineered a series of rapid-fire interest rate cuts that calm was restored. Ilie scary thing, some economists say, is that this O ’ Neill also expressed support during earlier stops in Brazil for that country’s efforts to increase its IMF credit line, already at $ 15 billion, to calm investor worries in advance o f the October elections. time around the situation could be more dire. The Asian crisis occurred during a time when the U.S. economy was soaring; after the Fed rate cuts and the return of market stability, American consum ers kept on spending, helping serve as a growth engine for the rest of the world. IMF teams are currently negotiating with both Brazil and Argen tina, which is mired in the worst financial crisis in its history, over the conditions for new loans. Analysts believed both countries will receive new IMF loan pack ages very soon, given the change of heart by the Bush team and » the IM F’s desire not to be blamed for further destabilizing financial markets. W N ot only is the U nited States unlikely to serve as an engine o f grow th the way it did in 1998, South A m erican countries are facing much bigger problem s than those encountered "There is still a possibility the financial contagion could spread further if markets are not calmed,” said Sohn. “With the United States still struggling to emerge from a recession, that could affect us at a very vulnerable time.” A m b a s s a d o r U r g e s V e n e z u e la D e m o c r a c y (AP) — A U.S. democracy pro gram can help this nation achieve national reconciliation and Ven ezuelans should ignore the contro versial name o f the office running it, the U.S. ambassador said in remarks published Sunday. Charles S. Shapiro asked Ven ezuelans to forget about the name of the U.S. office administering the program — the Office of Tran- ition Initiatives— after many here eized upon “transition” to mean a W ashington-sponsored change of NEED AN ATTORNEY? Low C ost L egal P lans Been overcharged for a Repair or Moving Traffic Tickets? Tried To Return A Defective Product? No Will? DISCOVER REAL SAVINGS: Free Will, Unlimited Phone Calls, Document Review, Letters Written For You, Traffic Tickets, IRS Audit and More. Retain your own attorney fo r $26/mo or less! FOR INFORMATION CONTACT: Harold Miller Jr. 503-288-3150 Millerandsonsone@aol.com www.prepaidlegal.com/go/haroldmiller SUB BIDS REQUESTED Oregon State University D uring his stop in Uruguay on Tuesday, O ’Neill received thanks from President Jorge Batlle for the $1.5 billion loan the U.S. Treasury provided this week to allow the country to reopen its banks. It was the administration’s first direct assistance to a country facing economic trouble. Russia’s bond default and botched devaluation of the ruble in the summer of 1998 sent shock waves through Wall Street, triggering steep declines in stock prices and the near collapse of a huge Ameri can hedge fund. But now the United States is struggling to emerge from last year’s recession and the worst bear market on Wall Street since the mid-1970s. ids government. A d m in iste re d by the U .S. Agency for International Devel opment, the $7 million, two-year OTI program will promote stabil ity in Venezuela, a top U.S. .oil supplier shaken by an April coup that briefly ousted leftist President Hugo Chavez. “I know, I know, the name of this office has generated controversy,” Shapiro said, explaining that the name evolved during the collapse of communist states in Europe. He cited USAID’s work as part of in ter-American agreements and mul tinational efforts to promote democ racy in the hemisphere. “Forget the bureaucratic name used in Washington, and in its place, concentrate on what our efforts m ean ,” S h ap iro said. Government-brokered peace talks after the coup have stalled, and former President Jimmy Carter failed to persuade opposition lead ers to meet with Chavez during a July visit. 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