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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
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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.
Mexican Independence
Day Celebrated
In honor of the day Mexico
observes its independence from
Spain, the Chinook Winds Con
vention Center will host Salsa
Fest - two evenings of comedy,
music and dancing. The event,
which will feature Latino co
median Rick Pulido and singer
Claudine Castro, will take place
the evenings of Sept. 13andl4.
For more information, or to
obtain tick ets, call 1-888-
MAIN-ACT or Fastixx at 1-
800-992-TIXX.
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