Voice of America, 97-10-23

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From: The Voice of America <gopher://gopher.voa.gov>

CONTENTS

[01] EDITORIAL: ELECTIONS IN MONTENEGRO

[02] EURO STOCKS (L/S VER) BY PAUL FRANCUCH (LONDON)

[03] EURO STOCK REACT (S-ONLY) BY PAUL FRANCUCH (LONDON)

[04] N-Y ECON WRAP (S & L) BY MAX RUSTON (NEW YORK)

[05] THURSDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

[06] TURKEY / E-U BY KYLE KING (BONN)

[07] U-S BULGARIA TRADE BY BARRY WOOD (WASHINGTON)

[01] EDITORIAL: ELECTIONS IN MONTENEGRO

ANNCR: THE VOICE OF AMERICA PRESENTS DIFFERING POINTS OF VIEW ON A WIDE VARIETY OF ISSUES. NEXT, AN EDITORIAL EXPRESSING THE POLICIES OF THE UNITED STATES GOVERNMENT.

VOICE:

A POLITICAL FIGURE WITH NO TIES TO YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC HAS BEEN ELECTED TO THE PRESIDENCY OF MONTENEGRO. PRIME MINISTER MILO DJUKANOVIC DEFEATED PRESIDENT MOMIR BULATOVIC IN SUNDAY'S RUNOFF ELECTION, WHICH WAS RELATIVELY FREE OF ABUSE. MORE THAN SEVENTY PERCENT OF THE ELECTORATE TURNED OUT TO VOTE. THE U.S. COMMENDS THE DETERMINATION OF THE MONTENEGRO VOTERS, ESPECIALLY THEIR REJECTION OF NATIONALIST AND ETHNIC RHETORIC AND THEIR SUPPORT FOR POLITICAL AND ECONOMIC REFORM. DURING THE CAMPAIGN, MR. DJUKANOVIC DENOUNCED PRESIDENT MILOSEVIC'S AUTHORITARIAN RULE.

MONTENEGRO CONTROLS HALF OF THE FEDERAL PARLIAMENT'S UPPER HOUSE, WHICH HAS THE POWER TO CHOOSE OR DISMISS THE YUGOSLAV PRESIDENT. MR. MILOSEVIC HAD THE OLD PARLIAMENT APPOINT HIM TO THE POST OF YUGOSLAV PRESIDENT IN JULY BECAUSE HE COULD NOT RUN A THIRD TIME FOR PRESIDENT OF SERBIA. MONTENEGRAN DELEGATES BLOCKED MR. MILOSEVIC FROM CHANGING THE CONSTITUTION TO GRANT HIM THE KIND OF SWEEPING POWERS HE AMASSED FOR HIMSELF AS PRESIDENT OF SERBIA.

THE PRESIDENT-ELECT OF MONTENEGRO HAS CALLED MR. MILOSEVIC "AN OUTDATED POLITICIAN" AND SAID THAT YUGOSLAVIA HAS NO FUTURE WITH HIM IN POWER. "THE QUESTION NOW," MR. DJUKANOVIC RECENTLY SAID, "IS WHETHER WE WANT TO ENTER THE TWENTY-FIRST CENTURY AS A DEMOCRATIC AND FREE MONTENEGRO, OR BECOME SOME INSIGNIFICANT APPENDAGE TO AN UNDEMOCRATIC REGIME."

THE UNITED STATES BELIEVES THE ROAD TO A PROSPEROUS SERBIA AND MONTENEGRO IS THROUGH DEMOCRATIC AND FREE MARKET REFORMS. AS STATE DEPARTMENT SPOKESMAN JAMES RUBIN SAID, "MONTENEGRO HAS A BETTER TRACK RECORD THAN SERBIA ON DEMOCRATIZATION." THE U.S. WELCOMES MR. DJUKANOVIC'S STATEMENTS. THEY INDICATE HE IS COMMITTED TO IMPROVING RELATIONS WITH THE INTERNATIONAL COMMUNITY. THE U.S. HOPES HE WILL LEAD MONTENEGRO TOWARDS A FREER POLITICAL AND ECONOMIC SYSTEM.

ANNCR:

THAT WAS AN EDITORIAL EXPRESSING THE POLICIES OF THE UNITED STATES GOVERNMENT. IF YOU WOULD LIKE TO BE HEARD ON THIS ISSUE, PLEASE WRITE TO EDITORIALS, VOICE OF AMERICA, WASHINGTON, D-C, 20547, U-S-A. YOU MAY ALSO SEND US A FAX AT (202) 619-1043. YOUR COMMENTS MAY BE USED ON THE AIR.
23-Oct-97 2:21 PM EDT (1821 UTC)
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Source: Voice of America

[02] EURO STOCKS (L/S VER) BY PAUL FRANCUCH (LONDON)

INTRO: THE STEEP DECLINE IN PRICES ON THE HONG KONG MARKET HAD A DRAMATIC IMPACT ON STOCK MARKETS OF EUROPE THURSDAY. V-O-A'S CORRESPONDENT PAUL FRANCUCH HAS A WRAP-UP OF ACTIVITY IN THIS REPORT FROM LONDON.

TEXT: WHILE IT WASN'T EXACTLY A REPEAT OF THE INFAMOUS "BLACK MONDAY" MARKET CRASH OF 10 YEARS AGO THIS WEEK, THERE WAS A LOT OF MONEY LOST BY INVESTORS ON THE MAJOR BOURSES OF EUROPE THURSDAY.

ANALYSTS DESCRIBED IT AS THE "AFTERMATH" OF THE HONG KONG "SHOCK WAVE." SOME CALLED THE SELL-OFF AN EMOTIONAL OVERREACTION. BUT OTHERS WERE NOT SURPRISED BY THE "RIPPLE EFFECT" DECLINE FOLLOWING HONG KONG'S PRECIPITOUS DROP.

WHILE THE FACTORS WHICH SENT PRICES IN HONG KONG SPIRALING HAD NO DIRECT BEARING ON WHAT HAPPENED IN EUROPE, THE INTERDEPENDENT NATURE OF THE WORLD'S STOCK MARKETS BECAME QUICKLY APPARENT IN THE DOMINO-LIKE COLLAPSE WHICH MOVED WESTWARD FROM ASIA AS THE TRADING DAY WORE ON.

UNCERTAINTY OVER BRITAIN'S ENTRY INTO THE ANTICIPATED SINGLE EUROPEAN CURRENCY HAS BEEN DRIVING PRICES LOWER IN LONDON FOR MOST OF THIS WEEK. ONLY THREE WEEKS AGO, PRESS REPORTS OF BRITAIN'S EARLY MEMBERSHIP IN THE CONTINENTAL CURRENCY SENT THE FINANCIAL TIMES 100 INDEX OF STOCKS TO A RECORD HIGH. THURSDAY'S DECLINE OF 157 POINTS -- A THREE PERCENT DROP IN ONE DAY -- WIPED NEARLY 45-BILLION DOLLARS FROM THE VALUE OF THAT INDEX.

EVEN WORD THAT INTEREST RATES WERE HOLDING FIRM IN GERMANY DID LITTLE TO HALT THE DIVE IN PRICES TRACKED BY THE FRANKFURT "DAX 30" INDEX. IT CLOSED DOWN 194 POINTS -- THAT'S MORE THAN FOUR-AND-A-HALF PERCENT IN ONE DAY.

THE FALL ON THE PARIS "CAC 40" INDEX OF FRENCH STOCKS WAS LESS DRAMATIC -- BUT COSTLY, NEVERTHELESS. THE "CAC" WAS DOWN 101 POINTS WHEN TRADING ENDED -- A ONE-DAY DECLINE OF THREE-AND-A-HALF PERCENT. (SIGNED)
NEB/PCF/PT
23-Oct-97 2:35 PM EDT (1835 UTC)
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Source: Voice of America

[03] EURO STOCK REACT (S-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: THE DECLINE ON THE HONG KONG STOCK MARKET THURSDAY IS HAVING A STRONG AFTER-EFFECT ON MARKETS IN EUROPE. PAUL FRANCUCH IS MONITORING THE SITUATION FROM OUR LONDON BUREAU.

TEXT: MOST EUROPEAN MARKETS OPENED WITH A SHARP DROP, RECOVERED SOMEWHAT, THEN SAW PRICES STEADILY ERODE. SOME ANALYSTS CALL THE SELL-OFF AN EMOTIONAL OVERREACTION. OTHERS EXPECTED THE "RIPPLE EFFECT" FROM HONG KONG AS THE TRADING DAY WORE ON. ALL EYES ARE NOW ON WALL STREET TO SEE IF THE AMERICAN MARKET REVERSES THE DOWNWARD COURSE.

JUST BEFORE 13 HOURS UNIVERSAL TIME, THE MAJOR MARKETS OF EUROPE WERE ALL DOWN SHARPLY, LOSING ROUGHLY BETWEEN TWO AND FOUR PERCENT IN VALUE. IN LONDON -- EUROPE'S BIGGEST STOCK MARKET -- 99 OF THE 100 STOCKS TRACKED BY THE "FINANCIAL TIMES" INDEX HAD LOST VALUE. SOME INVESTORS TOOK REFUGE IN GOLD, WHICH IS UP ABOUT TWO (U-S) DOLLARS AN OUNCE. (SIGNED)
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23-Oct-97 8:52 AM EDT (1252 UTC)
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Source: Voice of America

[04] N-Y ECON WRAP (S & L) BY MAX RUSTON (NEW YORK)

INTRO: STOCK PRICES IN THE UNITED STATES FELL SHARPLY TODAY (THURSDAY) IN RESPONSE TO PANIC SELLING IN HONG KONG. V-O-A'S MAX RUSTON IN NEW YORK HAS THE LATEST FINANCIAL NEWS.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE FELL 150 POINTS WHEN TRADING OPENED AND REMAINING AT THAT LEVEL FOR SEVERAL HOURS. IT DROPPED A FURTHER 70 POINTS LATER IN THE DAY BEFORE RECOVERING SOME OF ITS LOSSES TO CLOSE DOWN 187 POINTS AT 78-HUNDRED-48, A DROP OF TWO-POINT-THREE PERCENT.

THE STANDARD AND POOR'S 500 INDEX WAS ALSO DOWN 18 POINTS, AT 951.

SHARES OF BANKING, TECHNOLOGY AND CONSUMER GOODS COMPANIES WERE AMONG THOSE HARDEST HIT. BOND PRICES WERE UP.

PANIC SELLING IN HONG KONG IS BEING BLAMED FOR THE DECLINE IN U-S STOCK PRICES. BUT INVESTORS SAY THEY DO NOT SEE THE DROP AS THE BEGINNING OF A CRASH -- JUST A LONG-PREDICTED CORRECTION.

HONG KONG'S HANG SENG MARKET INDEX HAS DROPPED NEARLY 25 PERCENT THIS WEEK, TRIGGERING DECLINES IN MAJOR STOCK MARKETS AROUND THE WORLD.

HONG KONG-BASED MUTUAL FUND MANAGER MARK MOBIUS SAYS HE EXPECTS TO SEE FURTHER DECLINES IN THE HONG KONG MARKET.

WE EXPECT FURTHER FALL, BUT IN VIEW OF THE SUDDEN DECLINE, THERE MIGHT BE A REACTION UP TEMPORARILY, BUT IN VIEW OF WHAT HAPPENED, THIS KIND OF SUDDEN DECLINE, YOU WILL PROBABLY SEE FURTHER DECLINES.

ANALYSTS SAY THERE IS ONE ENCOURAGING FACTOR IN THE DOWNTURN OF U-S STOCK PRICES. THEY SAY THAT WILL PROBABLY RELIEVE PRESSURE ON THE FEDERAL RESERVE BOARD -- THE U-S CENTRAL BANK -- TO RAISE INTEREST RATES WHEN IT MEETS NEXT MONTH.

IN CORPORATE NEWS, BANKERS TRUST, AVON, XEROX AND THE ADOLPH COORS BEER COMPANY ALL RELEASED POSITIVE QUARTERLY EARNINGS REPORTS.

XEROX SAYS PROFITS JUMPED 28 PERCENT BECAUSE OF STRONG SALES OF DIGITAL COLOR COPIERS AND PRINTERS. AVON REPORTED EIGHT PERCENT GROWTH IN ITS INTERNATIONAL SALES OF COSMETICS. AND COORS SAYS THIRD QUARTER PROFITS WERE UP 20 PERCENT ON STRONG SUMMER BEER SALES. (SIGNED) NEB/NY/MPR/LSF/PT
23-Oct-97 5:37 PM EDT (2137 UTC)
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Source: Voice of America

[05] THURSDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: REFORMING THE INTERNAL REVENUE SYSTEM CONTINUES TO BE DEBATED IN THE EDITORIAL COLUMNS OF THE NATIONS PRESS THIS WEEK AFTER SENATE HEARINGS REVEALED ABUSE BY THE IRS OF SOME TAXPAYERS.

OTHER TOPICS BEING COMMENTED UPON INCLUDE PRESIDENT CLINTON'S PLAN TO EASE GLOBAL WARMING; THE RECENT COUP IN THE FORMER FRENCH CONGO; INCREASING TENSIONS IN ALBANIA; THE PROBLEM OF A NEW BACTERIUM ON CHICKEN; AND A BIG GIFT TO RUSSIA FROM A U-S BUSINESSMAN.

NOW, HERE IS ________________________WITH A CLOSER LOOK AND SOME QUOTES IN TODAY'S EDITORIAL DIGEST.

TEXT: A REPUBLICAN PLAN TO DRASTICALLY CHANGE THE WAY THE NATION COLLECTS TAXES IS GAINING STRENGTH IN WASHINGTON AND THE CLINTON ADMINISTRATION SAYS THAT, WITH A FEW CHANGES, IT CAN AGREE WITH THE REFORM OF THE INTERNAL REVENUE SERVICE. AS "THE [NEW YORK] DAILY NEWS" PUTS IT IN TODAY'S HEADLINE, "IRS DUE FOR AN AUDIT."

VOICE: "IN AMERICA'S COURTS, IT'S ALWAYS INNOCENT UNTIL PROVEN GUILTY, RIGHT? VERY WRONG. THE NOTABLE EXCEPTION IS TAX COURT, WHERE THE BURDEN OF PROOF IS ON THE CITIZEN, NOT THE INTERNAL REVENUE SERVICE. THIS COULD CHANGE, HOWEVER, UNDER PROPOSED LEGISLATION TO REVAMP WHAT IS PROBABLY THIS NATION'S MOST DETESTED, AND FEARED, FEDERAL AGENCY. CHANGE CAN'T COME SOON ENOUGH."

TEXT: WAIT JUST A MINUTE, ADDS "THE LOS ANGELES TIMES." AS THE PAPER EXPLAINS IN ITS HEADLINE, "BENEATH THE I-R-S MESS LIES THE TAX CODE MESS," ADDING THAT THE REPUBLICAN-BACKED REFORM BILL WILL MISS ITS GOAL UNLESS IT REFORMS THE TAX LAW AS WELL AS THE COLLECTION AGENCY.

VOICE: "[OPT] THE INTERNAL REVENUE SERVICE IS ..... AN ORGANIZATION BADLY IN NEED OF STRUCTURAL OVERHAUL. ..... BUT [END FOPT] LET NO ONE PRETEND THIS LEGISLATION OFFERS A SOVEREIGN REMEDY FOR THE I-R-S'S MOST BASIC FAULTS. THE CENTRAL PROBLEM REMAINS THE COMPLEX, OFTEN AMBIGUOUS, SOMETIMES CONTRADICTORY TAX CODE, EVERY SECTION AND LOOPHOLE OF WHICH WAS PRODUCED ON CAPITOL HILL. A CONGRESS ..... TRULY CONCERNED ABOUT TAXPAYERS' WELFARE WOULD BE WORKING HARD RIGHT NOW TO SIMPLIFY AND RATIONALIZE THOSE LAWS."

TEXT: AND LASTLY, "THE PHILADELPHIA INQUIRER" WARNS THAT WHATEVER REFORMS ARE AGREED UPON, THEY SHOULD BE FAIR TO ALL INCOME GROUPS.

VOICE: "NO QUESTION, AMERICANS WOULD LOVE TO HAVE A SIMPLER TAX SYSTEM, BUT ACHIEVING THAT DOESN'T REQUIRE LETTING AFFLUENT PEOPLE PAY AS LOW A TAX RATE AS PEOPLE WHO PUNCH A CLOCK AND LIVE FROM PAYCHECK TO PAYCHECK. SO REFORM THE AGENCY, YES; BULLDOZE PROGRESSIVE TAXATION, NO."

TEXT: TURNING TO PRESIDENT CLINTON'S GLOBAL WARMING ATTACK PLAN, ANNOUNCED YESTERDAY, "THE NEW YORK TIMES" SUGGESTS:

VOICE: "THE MOST IMPORTANT THING TO UNDERSTAND ABOUT PRESIDENT CLINTON'S SPEECH ON GLOBAL WARMING YESTERDAY IS THAT HE HAS ASKED THE UNITED STATES, A HUNGRY PRODUCER AND CONSUMER OF ENERGY, TO REVERSE COURSE. HE HAS PUBLICLY COMMITTED THE COUNTRY TO A PLAN TO REDUCE EMISSIONS OF CARBON DIOXIDE, THE GAS MAINLY RESPONSIBLE FOR WHAT COULD BE A CALAMITOUS INCREASE IN ATMOSPHERIC TEMPERATURES. [OPT] HE HAS AGREED TO BINDING TARGETS AND A TIMETABLE ..... HE HAS PROPOSED A SYSTEM FOR DOING SO, RELYING LARGELY ON MARKET MECHANISMS, ENERGY EFFICIENCY AND TECHNOLOGY. [END OPT] ..... THE ENVIRONMENTALISTS AND THE EUROPEANS WILL SURELY PRESS MR. CLINTON FOR A MORE ACCELERATED TIMETABLE BEFORE HIS NEGOTIATORS ARRIVE IN KYOTO. BUT THAT CANNOT OBSCURE THE FACT THAT FOR THE FIRST TIME, A PRESIDENT HAS COMMITTED THIS COUNTRY TO CHANGING THE WAYS IT PRODUCES AND USES ENERGY."

TEXT: TODAY'S "BOSTON GLOBE" IS CONCERNED ABOUT THE RECENT COUP IN THE REPUBLIC OF CONGO-BRAZZAVILLE - AND THE OUTSIDE INTERFERENCE OF ANOTHER TROUBLED AFRICAN NATION ANGOLA.

VOICE: "PRESIDENT PASCAL LISSOUBA OF THE REPUBLIC OF CONGO WAS AN IMPERFECT DEMOCRAT. BUT HE DID NOT DESERVE TO BE OUSTED BY THE FORMER DICTATOR, DENNIS SASSOU-NGUESSO, ABETTED BY TROOPS FROM ANGOLA. THE ANGOLAN INTERVENTION CONFIRMS THE NEED FOR A SOURCE OF DEMOCRATIC STABILITY IN CENTRAL AFRICA TO PREVENT CROSS-BORDER CONFLICTS FROM DEVASTATING THE REGION. [OPT] ..... THE REPUBLIC OF CONGO ... IS CAUGHT IN AFTER-SHOCKS FROM THE OUSTER OF THE LATE DICTATOR MOBUTU SESE SEKU IN NEIGHBORING ZAIRE. ZAIRE IS NOW [THE DEMOCRATIC REPUBLIC OF] CONGO, WITH KINSHASA AS ITS CAPITAL. MOBUTU WAS A DESPOT, A THIEF, AND A MEDDLER IN HIS NEIGHBORS' AFFAIRS, BUT HE WAS ALSO A FORCE FOR STABILITY." [END OPT]

TEXT: ON THE OTHER SIDE OF THE WORLD, ANOTHER POTENTIAL TROUBLE SPOT IN THE BALKANS, THE ALBANIAN-POPULATED FORMER YUGOSLAV REPUBLIC OF KOSOVO, WHERE A SERB MINORITY HOLDS POWER, DRAWS THIS LAMENT FROM "THE NEW YORK TIMES."

VOICE: "[OPT] EVENTS IN KOSOVO ARE PROVING THE ADAGE [OLD SAYING] THAT THOSE WHO MAKE PEACEFUL REVOLUTIONS IMPOSSIBLE MAKE VIOLENT ONES INEVITABLE. KOSOVO IS A REGION OF SERBIA WHERE A TINY SERBIAN MINORITY HAS GOVERNED THE [ETHNIC] ALBANIAN MAJORITY IN BRUTAL APARTHEID STYLE SINCE SLOBODAN MILOSEVIC REVOKED THE REGION'S AUTONOMY IN 1989. [END OPT] RECENTLY SOME ALBANIANS, [MORE ACCURATELY: ETHNIC-ALBANIAN RESIDENTS OF KOSOVO] FRUSTRATED THAT POLITICS IS GETTING THEM NOWHERE, HAVE TURNED TO ATTACKS ON POLICE STATIONS AND OTHER SYMBOLS OF SERBIAN POWER. SERBIAN AUTHORITIES RESPOND WITH INDISCRIMINATE REPRESSION. TO KEEP THE PEACE IN KOSOVO, THE UNITED STATES AND ITS EUROPEAN ALLIES MUST DO MORE TO HELP RESTORE THE RIGHTS OF THE ALBANIANS THERE. A PEACEFUL KOSOVO IS CRUCIAL BECAUSE VIOLENCE COULD SPREAD TO NEIGHBORING AREAS."

TEXT: "THE LOS ANGELES TIMES" IS WORRIED ABOUT THE POTENTIAL HEALTH HAZARD FROM AN INCREASINGLY DRUG-RESISTENT BACTERIUM COMMONLY FOUND IN U-S CHICKEN.

VOICE: "A MINNESOTA HEALTH DEPARTMENT STUDY SHOWED THAT ... ANTIBIOTICS USED TO TREAT DISEASE IN POULTRY ARE RESULTING IN A STRAIN OF DRUG-RESISTANT CAMPYLOBACTER BACTERIA IN HUMAN CONSUMERS. THE STATE ... HAS SENT ITS FINDINGS TO THE FOOD AND DRUG ADMINISTRATION AND IS URGING THE FDA TO REVIEW ITS 1995 DECISION TO ALLOW POULTRY PRODUCERS TO USE THE ANTIBIOTICS ON CHICKEN AND TURKEYS TO KEEP THEM HEALTHY. ...... THE POTENTIAL THREAT OF A DRUG-RESISTANT STRAIN OF CAMPYLOBACTER WARRANTS AN FDA REVIEW. .... THE INDUSTRY AND GOVERNMENT ARE PLAYING CHICKEN [TAKING A HUGE RISK] WITH OUR HEALTH."

TEXT: AS FOR THAT TRADE DISPUTE WITH JAPAN, NARROWLY AVERTED AFTER THE U-S MARITIME COMMISSION THREATENED TO BAR MOST JAPANESE SHIPS FROM U-S PORTS BECAUSE OF UNFAIR TREATMENT OF U-S SHIPS IN JAPAN, THE ORLANDO SENTINEL SUGGESTS:

VOICE: "MOST IMPORTANT, THE UNITED STATES' TOUGH STAND ACHIEVED THE DESIRED RESULTS. LAST-DITCH NEGOTIATIONS LED TO JAPAN'S AGREEMENT TO ALLOW THE SAME ACCESS TO U-S SHIPS THAT JAPANESE SHIPS HAVE IN THE UNITED STATES. A FINAL SETTLEMENT APPEARS IMMINENT. ..... AT THE SAME TIME, THE UNITED STATES AND JAPAN HAVE MORE OVERLAPPING INTERESTS THAN DIFFERENCES AND SHOULD WORK HARDER TO COOPERATE. THE TWO NATIONS ARE MUTUALLY DEPENDING IN [MANY] MATTERS ....."

TEXT: REGARDING THE 500-MILLION DOLLAR GIFT TO RUSSIAN FOR SOCIAL SERVICE IMPROVEMENTS FROM HUNGARIAN-BORN U-S MULTIMILLIONAIRE GEORGE SOROS, "NEWSDAY" SAYS IT PUTS INTO UNFLATTERING FOCUS THE SIZE OF THE OFFICIAL U-S FOREIGN AID AMOUNT TO RUSSIA OF 95-MILLION DOLLARS.

VOICE: "THE QUESTION, THEN IS: IF [MR.] SOROS' DONATION MAKES SO MUCH SENSE, WHY IS THE U-S GOVERNMENT CONTRIBUTING LESS TO RUSSIA'S TRANSITION .... THAN A SINGLE BUSINESSMAN ... THERE IS NO EXCUSE FOR THIS. IN FACT, THE FOLLY OF EXPANDING NATO AND SPENDING TENS OR HUNDREDS OF MILLIONS OF DOLLARS TO MODERNIZE THE ARMED FORCES OF EASTERN EUROPE MAKES EVEN LESS SENSE IN THIS CONTEXT. BETTER TO SPEND THE MONEY TO PROMOTE DEMOCRACY AND AVOID COSTLY NEW ARMS RACES IN EUROPE."

TEXT: AND LASTLY, N O T TO UPSET ANYONE LISTENING, B U T BY THE PREDICTION OF A FAMED "SEER," ARCHBISHOP JAMES USSHER, A 17TH CENTURY IRISH ANGLICAN, THE END OF THE WORLD IS DUE TODAY, OCTOBER 23RD, 1997, AS FAR AS MODERN SCIENTISTS CAN ADJUST THE CALENDAR TO HIS PREDICTION.

AND JUST IN CASE THIS I S THE LAST EDITORIAL DIGEST YOU EVER HEAR, THE SUN" IN BALTIMORE HAS THIS NORMALLY B A D ADVICE FOR EVERYONE FOR OUR LAST FEW HOURS.

VOICE: START SMOKING, STOP FLOSSING [YOUR TEETH] AND EAT DESERTS AT EVERY MEAL."

TEXT: ON THAT [OPT] HUMOROUS [END OPT] NOTE, WE CONCLUDE THIS BRIEF SAMPLING OF EDITORIALS TO BE FOUND AMONG THE PAGES OF THURSDAY U-S DAILY PAPERS.
NEB/ANG/KL
23-Oct-97 11:00 AM EDT (1500 UTC)
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Source: Voice of America

[06] TURKEY / E-U BY KYLE KING (BONN)

INTRO: DESPITE ITS STRATEGIC IMPORTANCE, TURKEY IS NOT EXPECTED TO BE ON THE EUROPEAN UNION'S LIST OF CANDIDATES FOR THE NEXT GROUP OF NEW E-U MEMBERS. V-O-A'S KYLE KING IN ISTANBUL REPORTS THIS IS SURE TO DISAPPOINT MANY PEOPLE IN TURKEY WHO CONTINUE TO HOPE FOR E-U MEMBERSHIP AND THE BENEFITS THEY BELIEVE IT WILL BRING.

TEXT: AS THE CLERK IN A SMALL BREAD STORE TOTALS THE FEW ITEMS BEING PURCHASED BY AN EARLY MORNING CUSTOMER, HE GLANCES DOWN THE TOTAL ON THE ADDING MACHINE.

ALTHOUGH NOT EXTRAVAGANT, THE SMALL ASSORTMENT OF PASTRIES AND THREE LOAVES OF BREAD NOW COST MORE THAN TWICE WHAT THEY DID JUST A LITTLE MORE THAN ONE YEAR AGO.

THE YOUNG CLERK SAYS PEOPLE ARE COMPLAINING ABOUT HOW EXPENSIVE LIFE IS. MANY NOW BUY JUST HALF OF WHAT THEY USED TO GET BECAUSE OF THE CLIMBING PRICES.

WITH INFLATION RUNNING AT MORE THAN 80 PERCENT IN TURKEY AND MANY PEOPLE OUT OF WORK, SOME STORES SAY BUSINESS IS NOT VERY GOOD.

AT A MUSIC SHOP NEXT TO THE BREAD STORE, THIS YOUNG CLERK SAYS THAT IN THE FUTURE, PRICES WILL BE SO HIGH NO ONE WILL BE ABLE TO AFFORD THE RECORDS AND COMPACT DISKS SHE SELLS.

REALISTIC OR NOT, MANY PEOPLE BELIEVE THE SOLUTION TO THE COUNTRY'S ECONOMIC PROBLEMS WOULD BE SOLVED BY MEMBERSHIP IN THE EUROPEAN UNION.

TURKISH JOURNALIST AND UNIVERSITY PROFESSOR GENJAI SAYLAN (SHYLON) SAYS SUCH HOPES ARE MISPLACED.

PEOPLE WANT TO GO TO EUROPE TO HAVE A BETTER LIFE, HIGHER PROSPERITY AND OF COURSE DEMOCRACY, THERE IS NO DOUBT ABOUT THAT. BUT TURKEY IS NOT READY.

MR. SAYLAN POINTS TO HIGH UNEMPLOYMENT AND LARGE NUMBERS OF UNTRAINED WORKERS AS TWO MAJOR PROBLEMS THAT MAKE TURKEY AN UNATTRACTIVE CANDIDATE FOR THE E-U AT THIS TIME.

OTHER ANALYSTS POINT OUT THERE ARE STILL IMPORTANT DIFFERENCES BETWEEN TURKEY AND EUROPE THAT MAKE THEM INCOMPATIBLE. ISTANBUL UNIVERSITY ECONOMIST MITHAT MELEN SAYS TURKEY NEEDS TO FIRST IMPROVE ITS ECONOMY BEFORE IT WILL BE READY TO JOIN THE E-U.

FRANKLY, I SEE THAT THERE ARE VERY MANY DIFFERENCES BETWEEN US (TURKEY) AND EUROPE. IN THE LEVEL OF EDUCATION, IN THE LEVEL OF THINKING, THE CULTURAL UNDERSTANDING, YOU KNOW, THERE ARE VERY MANY DIFFERENCES. PLUS THERE ARE ADMINISTRATIVE DIFFERENCES BETWEEN TURKEY AND EUROPE. IN A WAY, I RESPECT THE EUROPEAN DECISION NOT WANTING TURKEY IN, BECAUSE TURKEY ECONOMICALLY AND POLITICALLY IS NOT ON THE SAME LEVEL AS EUROPE. THAT'S TRUE.

ALTHOUGH MAJOR IMPROVEMENTS TO TURKEY'S ECONOMIC DEVELOPMENT WILL NOT BE EASY, THERE ARE SOME BRIGHT SPOTS IN THE TURKISH ECONOMY. THE STOCK MARKET IN ISTANBUL IS ONE.

AS ELECTRONIC TRADING QUIETLY GETS UNDER WAY AT ANOTHER AFTERNOON SESSION AT THE EXCHANGE, BROKERS WATCH WHAT HAS BECOME A MAJOR BULL MARKET OVER THE LAST YEAR. STOCK PRICES ON THE ISTANBUL EXCHANGE HAVE CLIMBED NEARLY 400 PERCENT, AND SOME ANALYSTS SAY THE MARKET IS A SIGN OF TURKEY'S POTENTIAL.

MANY EXPERTS SAY THE DRAMATIC CHANGES THAT TURKEY HAS GONE THROUGH IN THE PAST DECADE ALSO ILLUSTRATE THE COUNTRY'S DYNAMISM.

AT THE TURKISH FOREIGN MINISTRY, SPOKESMAN SERMET ATACANLI SAYS TURKEY WANTS TO BE A MEMBER OF THE EUROPEAN UNION, BUT HE IS PHILOSOPHICAL ABOUT ITS CHANCES IN THE NEAR FUTURE.

WELL, OUR PRESENT FOREIGN MINISTER KEEPS POINTING OUT THAT IT'S NOT GOING TO BE THE END OF THE WORLD FOR TURKEY IF WE ARE NOT ACCEPTED INTO FULL MEMBERSHIP OF THE EUROPEAN UNION. BUT IT REMAINS TO BE A KEY ELEMENT IN TURKEY'S FOREIGN POLICY. WE ARE HOPING THAT TURKEY WILL TAKE PART IN THE EUROPEAN INTEGRATION PROCESS.

SOME ANALYSTS, LIKE SEDEF KOREY OF THE CENTER FOR TURKISH STUDIES IN GERMANY, SAY TURKEY, WITH ITS LONG HISTORY AND UNIQUE POSITION BETWEEN EUROPE AND ASIA COULD BRING MUCH CULTURAL RICHNESS TO THE EUROPEAN UNION. IN HER VIEW, THE POTENTIAL PROBLEMS OF TURKISH MEMBERSHIP ARE NOT THAT DIFFERENT THAN OTHER PROSPECTIVE MEMBERS LIKE BULGARIA, SLOVENIA, OR CYPRUS.

THEY WILL HAVE THEIR PROBLEMS WITH THESE COUNTRIES AS WELL. SO I THINK, IN SUCH AN ENLARGED EUROPEAN UNION, IN A EUROPEAN UNION WHERE THERE IS A PLACE FOR THESE COUNTRIES, THERE IS A PLACE FOR TURKEY.

UNTIL THEN, ANALYSTS SAY TURKEY NEEDS TO FOCUS ON CORRECTING ITS WELL KNOWN HUMAN RIGHTS PROBLEMS AND SOLVE ITS LONG RUNNING DISPUTE WITH KURDISH REBELS IN THE SOUTHEAST OF THE COUNTRY. THEN THEY SAY, THE INTRODUCTION OF ECONOMIC REFORMS WILL PAVE THE WAY FOR INTEGRATION WITH EUROPE. (SIGNED)
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23-Oct-97 11:59 AM EDT (1559 UTC)
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Source: Voice of America

[07] U-S BULGARIA TRADE BY BARRY WOOD (WASHINGTON)

INTRO: WITH BULGARIA'S MARKET-BASED REFORMS UNDER A NEW RIGHT OF CENTER GOVERNMENT BEGINNING TO SHOW POSITIVE RESULTS, EFFORTS ARE RESUMING TO INTEREST U-S COMPANIES IN INVESTING IN THE EUROPEAN COUNTRY. BARRY WOOD REPORTS IT IS AN UPHILL BATTLE SINCE MANY POTENTIAL INVESTORS REMAIN WARY OF BULGARIA'S ENDEMIC CORRUPTION.

TEXT: THE U-S GOVERNMENT'S TRADE AND DEVELOPMENT AGENCY HAS IDENTIFIED TRANSPORTATION AND TELECOMMUNICATIONS AS SECTORS OFFERING OPPORTUNITIES TO U-S INVESTORS.

AGENCY OFFICIAL LANCE LUDMAN SAYS A JUST PASSED FOREIGN INVESTMENT LAW IS A POSITIVE DEVELOPMENT. HE SAYS U-S COMPANIES ARE PREFERRED PARTNERS IN PROVIDING INTERNET ACCESS, WIRELESS TELEPHONE SERVICE AND DATA PROCESSING. HE IDENTIFIES CORRUPTION AND LACK OF MARKET INFORMATION AS PRINCIPAL DISINCENTIVES TO U-S BUSINESS.

LAWYER STANIMIR ALEXANDROV IS UNCONVINCED THE NEW BULGARIAN GOVERNMENT WILL SUCCEED WHERE ITS PREDECESSORS FAILED IN BUILDING THE INSTITUTIONS OF A MARKET ECONOMY. MR. ALEXANDROV ADVOCATES THOROUGH REFORM OF PUBLIC ADMINISTRATION TO CURB CORRUPTION.

THE REFORM OF THE PUBLIC ADMINISTRATION INVOLVES CLEAR, TRANSPARENT, AND WELL DEFINED RULES OF ETHICS AND CONFLICT OF INTEREST. IT INVOLVES CLEAR AND TRANSPARENT STATUTES AND REGULATIONS ON PUBLIC PROCUREMENT. IT INVOLVES A STATUTE ON THE CIVIL SERVICE SO THAT EVERY CIVIL SERVANT KNOWS HIS OR HER RIGHTS AND OBLIGATIONS AND HIS OR HER STATUS.

MR. ALEXANDROV COMPLAINS ALL BULGARIAN GOVERNMENTS SINCE 1991 HAVE FAILED TO IMPLEMENT THIS BASIC REFORM.

ECONOMIST JAN VANOUS OF PLANECON RESEARCH SAYS THE BULGARIAN REFORMS FACE A HUGE TASK SINCE SO MANY NATIONAL ASSETS HAVE BEEN STOLEN BY CRIMINAL GROUPS.

THE TRAGEDY IN BULGARIA IS BASICALLY THE INSTITUTIONALIZED SET UP WHEREBY A VARIETY OF DUBIOUS CHARACTERS HAVE SET UP COMPANIES THAT WERE SUPPLYING STATE-OWNED COMPANIES WITH INPUTS AND THEN BUYING ALL THEIR OUTPUT. SO THEY TOOK THEM TO THE CLEANERS TWICE, FIRST BY SELLING OVER-PRICED INPUTS AND THEN GIVING THEM TOO LITTLE FOR THE OUTPUT.

MR. VANOUS SAYS THIS CORRUPT SYSTEM RESULTED LAST YEAR IN THE COLLAPSE OF THE BULGARIAN BANKING SYSTEM. HE SAYS NOWHERE ELSE IN EASTERN EUROPE HAS THE PROCESS OF CRIMINALIZATION REACHED SUCH AN ADVANCED STAGE.

THE NEW REFORMIST GOVERNMENT IS EAGERLY COURTING FOREIGN INVESTORS AND PROMISES TO SELL MOST STATE-OWNED INDUSTRIES BY THE END OF NEXT YEAR. (SIGNED)
NEB/BDW/RAE
23-Oct-97 12:36 PM EDT (1636 UTC)
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Source: Voice of America

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