Voice of America, 98-02-27

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

CONTENTS

[01] ASIA IMPACT/EUROPE (L-ONLY) BY BARRY WOOD (WASHINGTON)

[02] BOSNIA CONFERENCE BY WASHINGTON (PAMELA TAYLOR)

[03] EDITORIAL: U.S.-BULGARIAN PARTNERSHIP

[04] EURO CURRENCY (L-ONLY) BY JOHN FRASER (BRUSSELS)

[05] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

[06] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

[07] GERMANY / EURO (L ONLY) BY KYLE KING (BONN)

[08] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)

[09] NORTHERN IRELAND (L-ONLY) BY ANDRE DE NESNERA (LONDON)

[01] ASIA IMPACT/EUROPE (L-ONLY) BY BARRY WOOD (WASHINGTON)

INTRO: TWO EUROPEAN ECONOMISTS SAY THEY BELIEVE THE ASIAN ECONOMIC CRISIS WILL HAVE A NEGLIGIBLE IMPACT IN EUROPE. THE TWO EXPERTS PRESENTED THEIR VIEWS IN WASHINGTON (FRIDAY 2/27). V-O-A'S BARRY WOOD HAS DETAILS.

TEXT: THE CHIEF ECONOMIST AT EUROPE'S DEUTSCHE BANK, NORBERT WALTER, SAYS THE ECONOMIC CALAMITY IN INDONESIA IS A MERE NUISANCE FOR THE GLOBAL ECONOMY.

MR. WALTER BELIEVES THE FRENCH AND GERMAN ECONOMIES HAVE RECOVERED AND WILL ACHIEVE SIGNIFICANT GROWTH OF THREE PERCENT THIS YEAR. ITALY, SPAIN, AND BRITAIN WILL DO EVEN BETTER. MR. WALTER TOLD REPORTERS THAT EUROPEAN UNION EXPANSION WILL PROBABLY OCCUR SOONER THAN EXPECTED, WITH THE YEAR 2000 A REALISTIC DATE FOR THE ADMISSION OF FIVE NEW MEMBERS.

ONE OF THOSE ANTICIPATED NEW MEMBERS IS HUNGARY, WHOSE COMMERCIAL ATTACHE IN WASHINGTON, SAYS THE ASIAN CRISIS IS NOT LIKELY TO HAVE MUCH IMPACT ON HUNGARY'S IMPROVING ECONOMY. PAL KERTESZ DISAGREES WITH THE EXPERTS WHO SAY INVESTMENT FLOWS TO EASTERN EUROPEAN STOCK MARKETS WILL SLOW AS MUTUAL FUND MANAGERS BECOME MORE CAUTIOUS BECAUSE OF THE HUGE LOSSES THEY HAVE SUSTAINED IN ASIA.

THE PROBLEMS IN ASIA COULD--OR SHOULD--LEAD THE AMERICAN AND OTHER INVESTORS IN ASIA TO OUR REGION. ESPECIALLY WHEN YOU CONSIDER THAT OUR (COMING) ACCESSION TO THE E-U WILL MEAN NEW OPPORTUNITIES TO INVESTORS. SO WE EXPECT AN INCREASED FLOW OF FOREIGN DIRECT INVESTMENT IN HUNGARY, PARTLY BECAUSE OF THE PROBLEMS IN ASIA.

HUNGARY HAS ATTRACTED MORE FOREIGN DIRECT INVESTMENT THAT ANY OTHER POST-COMMUNIST COUNTRY IN EASTERN EUROPE OR THE FORMER SOVIET UNION. LAST YEAR THE BUDAPEST STOCK MARKET WAS AMONG THE THREE BEST PERFORMING MARKETS IN ALL OF EUROPE.

ON OTHER ASIAN MATTERS, DEUTSCHE BANK ECONOMIST WALTER BELIEVES THE MOST SERIOUS RISK IS A FINANCIAL MELTDOWN IN JAPAN, WHERE BANKS ARE WEAK AND THE ECONOMY STAGNANT. MR. WALTER THINKS THE JAPANESE WILL OVERCOME THEIR PROBLEMS IN PART BECAUSE HE SUSPECTS THERE IS A SILENT, UNDISCLOSED AGREEMENT BETWEEN THE AMERICANS AND JAPANESE TO KEEP THE YEN WEAK UNTIL JAPAN'S FINANCIAL SECTOR HAS BEEN RESTRUCTURED. A STRONGER YEN WOULD SLOW EXPORTS AND THE GROWTH OF AN ALREADY DEPRESSED JAPANESE ECONOMY. SLOWER GROWTH WOULD ADD TO THE ALREADY HUGE VOLUME OF BAD DEBTS THAT WEIGH HEAVILY ON JAPANESE BANKS. (SIGNED)
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27-Feb-98 2:20 PM EST (1920 UTC)
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Source: Voice of America

[02] BOSNIA CONFERENCE BY WASHINGTON (PAMELA TAYLOR)

INTRO: THERE WAS WIDESPREAD AGREEMENT AT A WASHINGTON CONFERENCE ON BOSNIA THIS WEEK (2/25), THAT THE CHANGE IN LEADERSHIP IN THE BOSNIAN SERB REPUBLIC IS A VERY POSITIVE DEVELOPMENT. THE WASHINGTON-BASED INSTITUTE FOR PEACE BROUGHT LEADERS FROM THE AREA TOGETHER WITH U-S OFFICIALS FOR THE DAY-LONG SEMINAR ON 'BOSNIA AND THE BALKANS.' V-O-A'S PAMELA TAYLOR REPORTS:

TEXT: THE KEYNOTE SPEAKER FOR THE CONFERENCE WAS CZECH PRESIDENT VACLAV HAVEL, WHO ADDRESSED THE GATHERING FROM PRAGUE VIA A TELEVISED SATELLITE HOOK-UP. SPEAKING THROUGH AN INTERPRETER, THE CZECH LEADER SAID BOSNIA WAS A BIG TEST CASE FOR EUROPEAN COOPERATION WHICH EUROPE FAILED:

THEY KEPT QUIET WHEN KILLING WAS GOING ON IN YUGOSLAVIA AND THAT EUROPE SHOULD BE ASHAMED THAT IT TOOK THE UNITED STATES TO COME UP WITH A PEACE ACCORD FOR BOSNIA.

ALTHOUGH HE WAS NOT PRESENT FOR MR. HAVEL'S COMMENTS, THE SPECIAL U-S ENVOY FOR BOSNIA, ROBERT GELBARD, CLEARLY SHARED THE CZECH LEADER'S ASSESSMENT OF THE U-S ROLE IN THE REGION:

THE PICTURE IN BOSNIA HAS CHANGED ENORMOUSLY AND FOR THE BETTER. DAYTON (PEACE ACCORD) IS WORKING. INTERNATIONAL ENGAGEMENT AND THE INDISPENSABLE ROLE OF THE UNITED STATES ARE MAKING A DIFFERENCE. EACH TIME I RETURN TO SARAJEVO THE SITUATION HAS IMPROVED. NEW STORES AND CAFES HAVE OPENED. MUNICIPAL SYSTEMS ARE FUNCTIONING AGAIN, HOUSES HAVE BEEN REBUILT, MORE FACTORIES RE-OPENED, MORE VEHICLES FROM ALL OVER BOSNIA ARE ON THE STREETS AND MORE CHILDREN ARE PLAYING ON RENOVATED PLAYGROUNDS.

MR. GELBARD SAID THE ELECTION OF MORE MODERATE LEADERS IN THE BOSNIAN SERB ENTITY HAS LARGELY MARGINALIZED (REDUCED THE INFLUENCE OF) HARDLINE NATIONALISTS AND CREATED WHAT HE CALLED A 'DRAMATIC BREAKTHROUGH FOR THE PEACE PROCESS.'

BOSNIA'S AMBASSADOR TO THE UNITED STATES, SVEN ALKALAJ, ALSO PRAISED THE NEW SERB LEADERSHIP. BUT HE WARNED THAT NATIONALISTS ARE STILL IN CONTROL IN WAYS THAT IMPEDE CLOSER COOPERATION:

BOSNIA AND HERZEGOVINA'S GOVERNMENT AND THE CENTRAL INSTITUTIONS STILL DO NOT CONTROL THEIR EXTERNAL BORDERS -- EAST, WEST, NORTH AND SOUTH. (WE) STILL DO NOT HAVE FULL CONTROL OF THE CUSTOMS POSTS, THERE IS STILL BLACK MARKETEERING GOING ON AND ILLEGAL GOODS PASSING THROUGH. SO ALL THIS IS UNDERMINING THE ECONOMIC PROGRESS OF BOSNIA.

THE NEW BOSNIAN SERB PRIME MINISTER, MILORAD DODIK, APPEARS READY TO START TACKLING SOME OF THESE ISSUES. A WORLD BANK OFFICIAL TOLD THE CONFERENCE MR. DODIK HAS PLEDGED TO DO EVERYTHING POSSIBLE TO INSURE TENS OF MILLIONS OF DOLLARS IN INTERNATIONAL AID, NOW FLOWING INTO THE SERB REPUBLIC, DOES NOT FALL INTO THE HANDS OF NATIONALISTS AND OTHERS OBSTRUCTING PEACE.

MR. DODIK MET WITH WORLD BANK, U-S AID AND CONGRESSIONAL OFFICIALS DURING A VISIT TO WASHINGTON LAST WEEK.

THE ONLY SERB REPRESENTATIVE AT THE WASHINGTON CONFERENCE CAME FROM BELGRADE -- SERBIAN OPPOSITION LEADER VESNA PESIC. SHE CONFINED HER REMARKS TO THE LACK OF A VIABLE OPPOSITION IN HER COUNTRY TO PRESIDENT SLOBODAN MILOSEVIC. U-S ENVOY ROBERT GELBARD, HOWEVER, PRAISED PRESIDENT MILOSEVIC FOR HIS SUPPORT OF MODERATES IN THE BOSNIAN SERB REPUBLIC.

MR. GELBARD WAS NOT SO COMPLIMENTARY OF CROATIAN PRESIDENT FRANJO TUDJMAN WHO INDICATED IN A RECENT SPEECH HE STILL SUPPORTS THE IDEA OF A 'GREATER CROATIA' COMPRISING PARTS OF BOSNIA. MR. GELBARD WARNED THAT CROATIA'S ASPIRATIONS TO JOIN WESTERN INSTITUTIONS ARE NOW IN JEOPARDY:

IT WILL ONLY HAPPEN IF THE CROATIAN GOVERNMENT ACTIVELY SUPPORTS THE IMPLEMENTATION OF THE DAYTON AGREEMENT, IN BOTH LETTER AND SPIRIT, AND ACTIVELY COOPERATES ON PEACE IMPLEMENTATION. LATELY THEY ARE FALLING SHORT OF THE MARK (NOT MEETING THEIR COMMITMENTS) AND INDICATING THEY INTEND TO FALL FURTHER.

EVEN AS MR. GELBARD SPOKE, PRESIDENT TUDJMAN'S RULING (H-D-Z) PARTY DEFENDED ITS LEADER, SAYING MR. TUDJMAN HAD SIMPLY STATED HISTORICAL FACT: THAT BOSNIA-HERZEGOVINA IS COMPOSED OF MANY CROATS. (SIGNED)
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27-Feb-98 11:27 AM EST (1627 UTC)
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Source: Voice of America

[03] EDITORIAL: U.S.-BULGARIAN PARTNERSHIP

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:

PRESIDENT BILL CLINTON AND BULGARIAN PRESIDENT PETAR STOYANOV MET THIS MONTH AT THE WHITE HOUSE. MR. CLINTON PRAISED MR. STOYANOV FOR THE CHANGES THAT HAVE TAKEN PLACE IN BULGARIA OVER THE LAST YEAR. PRESIDENT STOYANOV WAS CHOSEN IN 1996 IN BULGARIA'S SECOND DIRECT PRESIDENTIAL ELECTION. DURING HIS TENURE, BULGARIA HAS ALIGNED ITSELF WITH OTHER DEMOCRACIES, MOVED FORWARD WITH ECONOMIC REFORMS, AND IMPROVED RELATIONS WITH ITS NEIGHBORS.

WHILE THE SITUATION HAS IMPROVED, THE BULGARIAN ECONOMY CONTINUES TO BE HEAVILY DEPENDENT ON MONEY-LOSING STATE ENTERPRISES. THE GROWING PRIVATE SECTOR NOW ACCOUNTS FOR ABOUT FORTY-FIVE PERCENT OF ECONOMIC ACTIVITY AND PRIVATIZATION IS ACCELERATING. SLOW PROGRESS IN PRIVATIZING LARGE COMMUNIST-ERA STATE ENTERPRISES WAS A MAJOR REASON FOR ECONOMIC STAGNATION IN 1996 AND 1997.

TO HELP RESTART THE ECONOMY, THE BULGARIAN GOVERNMENT HAS IMPOSED BUDGET CUTS AND ECONOMIC RESTRUCTURING. IT HAS ALSO CREATED A CURRENCY BOARD. THE U.S. HAS SUPPORTED THE ECONOMIC AND POLITICAL TRANSITION IN BULGARIA BY PROVIDING OVER TWO-HUNDRED THIRTY-FIVE MILLION DOLLARS IN ASSISTANCE OVER THE LAST SEVEN YEARS. ACCORDING TO THE U.S. STATE DEPARTMENT'S LATEST HUMAN RIGHTS REPORT, THE BULGARIAN GOVERNMENT GENERALLY RESPECTS THE RIGHTS OF CITIZENS, BUT PROBLEMS REMAIN. POLICE HAVE USED UNWARRANTED FORCE AGAINST SUSPECTS AND MINORITIES IN SOME CASES.

BULGARIA MUST NOW TURN ITS ATTENTION TO STRENGTHENING THE RULE OF LAW AND ENCOURAGING THE DEVELOPMENT OF CIVIL SOCIETY. TO HELP PROMOTE DEMOCRATIC VALUES, THE U.S. IS PROVIDING A GRANT TO DEVELOP A NEW EDUCATION CURRICULUM. AND THE U.S. DEFENSE DEPARTMENT IS SUPPORTING THE REFORM OF THE BULGARIAN MILITARY. THESE REFORMS WILL HELP PREPARE BULGARIA FOR POSSIBLE NATO MEMBERSHIP. PRESIDENT CLINTON SAID THE DOOR TO THE ALLIANCE REMAINS OPEN AND THE U.S. WELCOMES BULGARIA'S ASPIRATION TO JOIN.

SINCE THE END OF COMMUNISM, BULGARIA HAS MADE SIGNIFICANT PROGRESS TOWARD A FREE MARKET AND AN OPEN POLITICAL SYSTEM. THE U.S. WILL CONTINUE TO SUPPORT BULGARIA'S DEMOCRATIC TRANSITION.

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 YOUR COMMENTS THROUGH OUR INTERNET SITE AT WWW-DOT-VOA-DOT-GOV-SLASH-EDITORIALS, OR SEND US A FAX AT (202) 619-1043. YOUR COMMENTS MAY BE USED ON THE AIR.
27-Feb-98 1:18 PM EST (1818 UTC)
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Source: Voice of America

[04] EURO CURRENCY (L-ONLY) BY JOHN FRASER (BRUSSELS)

INTRO: EUROPEAN UNION LEADERS ARE CONFIDENT THAT ECONOMIC CONDITIONS ARE RIGHT FOR MOST MEMBER COUNTRIES TO PARTICIPATE IN THE LAUNCH OF EUROPE'S NEW SINGLE CURRENCY BEGINNING NEXT YEAR. THIS FOLLOWS THE PUBLICATION FRIDAY OF ECONOMIC DATA BY ALL 15 E-U STATES SUGGESTING THAT ALL BUT ONE WOULD BE ABLE TO TAKE PART IN THE LAUNCH. JOHN FRASER REPORTS FROM BRUSSELS.

TEXT: E-U OFFICIALS BELIEVE THE EUROPEAN SINGLE CURRENCY IS NOW UNSTOPPABLE. ALL 15 MEMBERS HAVE MET THE DEADLINE FOR PROVIDING UP-TO-DATE ECONOMIC DATA ON THEIR PUBLIC BORROWING LAST YEAR -- WHICH IS THE KEY ECONOMIC FIGURE IN ASSESSING WHETHER A COUNTRY QUALIFIES FOR THE E-U'S NEW CURRENCY, CALLED THE "EURO."

ONLY GREECE FAILED TO BRING ITS BORROWING BELOW THE TARGET CEILING OF THREE PERCENT OF NATIONAL INCOME, WITH ALL 14 OTHER E-U STATES AT OR BELOW THE THREE PERCENT MARK.

AMONG THOSE WHICH EASILY FELL BELOW THE THREE PERCENT CEILING WERE BRITAIN, DENMARK AND SWEDEN. BUT EACH OF THOSE COUNTRIES DECIDED IT WILL NOT BE ADOPTING THE EURO AT NEXT YEAR'S START.

E-U OFFICIALS NOW HAVE THE TASK OF EXAMINING ALL THE DATA, TO ENSURE BOTH ITS ACCURACY AND THAT THE COUNTRIES CONCERNED WILL BE ABLE TO MAINTAIN LOW BUDGET DEFICITS IN THE FUTURE.

COUNTRIES ADOPTING THE NEW CURRENCY MUST HAVE TOTAL GOVERNMENT DEBT AT BELOW 60 PERCENT OF NATIONAL INCOME -- OR AT LEAST PROVIDE PROOF THEY'RE MOVING TOWARD THAT GOAL.

THE NEW ECONOMIC DATA SHOWS THAT ITALY AND BELGIUM ARE BOTH WAY OUTSIDE THAT CEILING, WITH DEBT WHICH IS TWICE THE SIZE OF THE TARGET. MEANWHILE, GERMANY HAS A DEBT FIGURE WHICH IS ABOVE THE CEILING AND RISING.

IT IS IN DEALING WITH THESE DEBT FIGURES THAT THE BIGGEST POLITICAL MANEUVERING IS LIKELY TO OCCUR. HOWEVER, E-U OFFICIALS ARE CONFIDENTLY PREDICTING THAT ITALY, GERMANY AND BELGIUM WILL ALL BE USING THE NEW CURRENCY COME 1999 DESPITE THEIR PROBLEMS WITH PUBLIC DEBT.

THE E-U COMMISSION AND THE EUROPEAN MONETARY INSTITUTE WILL NEXT MONTH PUBLISH SEPARATE RECOMMENDATIONS ON WHICH STATES SHOULD JOIN THE EURO -- WITH A FINAL DECISION BEING TAKEN ON MAY SECOND AT A SPECIAL BRUSSELS E-U SUMMIT.

[05] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: THE MAJOR STOCK MARKETS OF WESTERN EUROPE ENDED THE WEEK WITH ADVANCES -- BUT IN A RATHER SUBDUED FASHION. V-O-A'S PAUL FRANCUCH HAS THE CLOSING NUMBERS FROM OUR LONDON BUREAU.

TEXT: WITH NO PARTICULAR ECONOMIC NEWS TO EITHER STIMULATE OR GUIDE IT, INVESTORS IN LONDON, FRANKFURT AND PARIS SEEMED LOST FOR CLEAR DIRECTION. BUT WHEN TRADING ENDED, THE INDEXES EDGED HIGHER INTO NEW RECORD TERRITORY.

THE VALUE GAINS, HOWEVER, WERE ONLY A FRACTION OF A PERCENT FOR THE DAY. AFTER A HEFTY OPENING GAIN, LONDON'S "FINANCIAL TIMES" 100 INDEX CLOSED UP ONLY TWO-AND-A-HALF POINTS. FRANKFURT'S "DAX" INDEX STARTED THE DAY IN RECORD TERRITORY, BUT WHEN LATER COMPUTER TRADING ENDED, THE DAX CLOSED DOWN ABOUT TWO POINTS. THE BEST ADVANCE WAS POSTED BY THE PARIS "CAC 40," WHICH ADDED 25 POINTS -- OR ABOUT THREE-QUARTERS OF ONE PERCENT.

IN CURRENCY TRADING, THE U-S DOLLAR FRIDAY SHOWED LITTLE CHANGE IN VALUE AGAINST EITHER THE GERMAN MARK OR THE BRITISH POUND.

DEPRESSED GOLD PRICES GOT A BOOST OF MORE THAN THREE-AND-A-HALF DOLLARS IN LONDON TRADING, WHERE THE PRECIOUS METAL CLOSED AT 297-DOLLARS-85-CENTS AN OUNCE. (SIGNED)
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27-Feb-98 1:33 PM EST (1833 UTC)
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Source: Voice of America

[06] FRIDAY'S EDITORIALS BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: AGAIN TODAY, MANY IMPORTANT U-S PAPERS ARE DISCUSSING THE AGREEMENT BETWEEN THE U-N SECRETARY GENERAL AND IRAQ, WHICH HEADED OFF A MILITARY CONFRONTATION WITH THE UNITED STATES. SOME PAPERS ARE SAYING THE AGREEMENT IS AMBIGUOUS, WHILE OTHERS SUGGEST IT NEEDS TO BE STRENGTHENED. ANOTHER POPULAR TOPIC IS THE INCREASINGLY BITTER STRUGGLE BETWEEN THE WHITE HOUSE AND THE WHITEWATER SPECIAL PROSECUTOR KENNETH STARR, WHO IS INVESTIGATING ALLEGATIONS OF SEXUAL MISCONDUCT BY PRESIDENT CLINTON WITH A WHITE HOUSE INTERN. OTHER SUBJECTS RECEIVING EDITORIAL ATTENTION AS THE WEEK DRAWS TO AN END INCLUDE: INDONESIA'S ECONOMIC CRISIS; A COMPUTER "INVASION" OF THE PENTAGON; AND THE DEATH, FOR NOW, OF CAMPAIGN FINANCE REFORM.

JOINING US IS _________________WITH A SAMPLING OF COMMENTS IN TODAY'S U-S EDITORIAL DIGEST.

TEXT: AFTER FOUR DAYS OF COMMENT, THE IRAQ WEAPONS INSPECTION DEAL CONTINUES TO BE THE LEAD EDITORIAL IN SOME PAPERS, SUCH AS FRIDAY'S "LOS ANGELES TIMES," WHICH TALKS OF BOLSTERING THE AGREEMENT.

VOICE: SECRETARY OF STATE MADELEINE ALBRIGHT SAYS THE CLINTON ADMINISTRATION'S CONCERNS OVER THE NEW U-N AGREEMENT ... HAVE BEEN LARGELY SATISFIED BY CLARIFICATIONS FROM SECRETARY-GENERAL KOFI ANNAN. SHE NOW FACES THE DAUNTING TASK OF TRYING TO PERSUADE AN INCREASINGLY CRITICAL REPUBLICAN LEADERSHIP IN CONGRESS THAT IT SHOULD WITHHOLD JUDGMENT ON THE DEAL [MR.] ANNAN NEGOTIATED IN BAGHDAD UNTIL IT HAS BEEN TESTED. SO FAR, THE SECRETARY HASN'T BEEN DOING TOO WELL. .... [MEANWHILE] AN EFFORT TO GET A TOUGH SECURITY COUNCIL RESOLUTION TO ENFORCE THE AGREEMENT IS RUNNING INTO EXPECTABLE OBJECTIONS FROM FRANCE, RUSSIA AND CHINA. ..... IF THE ASSURANCES AND CLARIFICATIONS GIVEN BY [MR.] ANNAN IN FACT SUPPORT THE CLAIM THAT BAGHDAD HAS PROMISED TO ALLOW FULL AND UNHINDERED ACCESS TO ALL SUSPECT SITES, THEN THERE'S NO REASON FOR ANYONE TO OBJECT TO THAT POSITION.

TEXT: "THE BOSTON GLOBE" SAYS THE CLINTON ADMINISTRATION DID WELL IN THE AGREEMENT AND THAT CRITICS ARE WRONG.

VOICE: THE HIGH-PRESSURE STORM OF CRITICISM THE CLINTON ADMINISTRATION IS ENCOUNTERING AS IT TRIES TO NAVIGATE THE UNCERTAIN WATERS OF THE PERSIAN GULF CRISIS IS NOT JUSTIFIED. YES, THE PROBLEM OF SADDAM HUSSEIN AND THE DANGER HE BRINGS TO THE WORLD HAVE NOT BEEN RESOLVED. YES, THE DEAL THAT U-N SECRETARY GENERAL ... ANNAN BROKERED IN BAGHDAD LEAVES MANY QUESTIONS UNANSWERED. AND, YES, SADDAM WILL MOST PROBABLY TRY TO CHEAT ON THE MEMORANDUM OF UNDERSTANDING HE HAS JUST SIGNED. BUT THESE YESES DO NOT ADD UP TO A REJECTION OF THE DEAL [MR.] ANNAN BROUGHT HOME. TO BE BORNE IN MIND IS THAT A BOMBING CAMPAIGN MIGHT NOT HAVE SOLVED ANY OF THE ABOVE.

TEXT: "THE WASHINGTON TIMES" HOWEVER SCOFFS AT THE ASSESSMENT MR. ANNAN BROUGHT BACK OF SADDAM HUSSEIN, AND BY IMPLICATION, WORRIES THAT THE AGREEMENT WILL BE BROACHED.

VOICE: ONE MUST ... TAKE THE STRONGEST EXCEPTION TO THE LANGUAGE USED BY MR. ANNAN [WHO] DESCRIBED SADDAM HUSSEIN AS CALM, RELAXED, AND WELL-INFORMED, A MAN CONCERNED FOR THE WELFARE OF HIS PEOPLE. 'I THINK I CAN DO BUSINESS WITH HIM, AND I THINK HE WAS SERIOUS.' UNLESS SADDAM HUSSEIN HAS UNDERGONE A CHARACTER TRANSPLANT, THAT IS A COMPLETE MISREADING OF THE IRAQI DICTATOR. THIS IS THE MAN WHO ... SET FIRE TO THE KUWAITI OIL FIELDS WHEN HE COULD NOT HAVE THEM FOR HIMSELF; WHO ROUTINELY BEHEADS HIS OFFICER CORPS TO PREEMPT ANY COUPS IN THE MAKING. ..... HE'S A COLD-BLOODED KILLER. FURTHERMORE, WE ARE FOOLING OURSELVES IF WE THINK FOR A MOMENT THAT THE ANNAN AGREEMENT PRESENTS AN EFFECTIVE WAY OF DEALING WITH SUCH A MAN.

TEXT: IN ANOTHER POPULAR TOPIC, THIS ONE DOMESTIC, MANY MORE PAPERS ARE COMPLAINING ABOUT THE BATTLE BETWEEN THE WHITE HOUSE AND WHITEWATER SPECIAL COUNSEL KENNETH STARR. MR. STARR HAS BEGUN TO SUBPOENA WHITE HOUSE STAFFERS TO TRY TO FIND WHO IS SPREADING NEGATIVE INFORMATION ABOUT HIS STAFF TO THE PRESS. IN NEBRASKA, "THE OMAHA WORLD-HERALD" TAKES THE SPECIAL COUNSEL'S SIDE IN THE BATTLE, ACCUSING THE WHITE HOUSE OF USING UNETHICAL TACTICS.

VOICE: WHAT THE WHITE HOUSE HAS TRIED TO DO TO THE KENNETH STARR INVESTIGATION OF THE CLINTON SEX SCANDAL IS ITSELF A SCANDAL. WHITE HOUSE OFFICIALS, AIDES AND LAWYERS HAVE SMEARED THE INDEPENDENT COUNSEL AND HIS STAFF, TRYING TO GET AMERICANS TO DISTRUST THE INVESTIGATORS. [MR.] CLINTON SAID .... 'WE WILL GIVE YOU AS MANY ANSWERS AS WE CAN, AS SOON AS WE CAN, AT THE APPROPRIATE TIME ' ..... HIS WORDS, IT NOW SEEMS CLEAR, WERE HOLLOW. HE DOES NOT APPEAR TO HAVE EVER INTENDED TO COOPERATE WITH THE INVESTIGATION..... SAD TO SAY .... THE CAMPAIGN OF VILIFICATION SEEMS TO BE CREATING SYMPATHY FOR THE EMBATTLED PRESIDENT AND ANIMOSITY TOWARD THE SPECIAL COUNSEL.

TEXT: IN MINNESOTA, "THE MINNEAPOLIS STAR TRIBUNE" APPEARS DISGUSTED BY THE STRUGGLE BETWEEN THE PRESIDENT AND THE PROSECUTOR, BUT COMES DOWN AGAINST MR. STARR, SUGGESTING:

VOICE: BY CALLING WHITE HOUSE LEAKERS BEFORE HIS GRAND JURY, HOWEVER, [MR.] STARR HAS TAKEN THIS WAR TOO FAR. HE IS VERGING ON THE ABUSE OF A PROSECUTOR'S POWERS AND, PERHAPS WORSE, HE HAS REINFORCED THE IMPRESSION THAT HIS INVESTIGATION HAS BECOME A PERSONAL VENDETTA.

TEXT: TURNING OVERSEAS AGAIN, "THE WALL STREET JOURNAL" CONTINUES TO RUMINATE ABOUT THE WAY THE UNITED STATES AND INTERNATIONAL MONETARY FUND ARE DEALING WITH INDONESIA'S ECONOMIC CRISIS. TODAY THE PAPER TAKES AIM AT U-S TREASURY SECRETARY ROBERT RUBIN FOR HIS INSISTENCE THAT INDONESIAN PRESIDENT SUHARTO NOT ADOPT A CURRENCY BOARD TO CONTROL THE RUPIAH AND PEG IT TO THE U-S DOLLARS. SAYS "THE JOURNAL"

VOICE: 'I DON'T THINK CURRENCY BOARDS THREATEN THE U-S NATIONAL SECURITY,' SAYS STEVE HANKE, THE AMERICAN ECONOMIST AND EXPERT ON CURRENCY BOARDS WHO FOR THE PAST FEW WEEKS HAS BEEN IN JAKARTA ADVISING PRESIDENT SUHARTO. WHATEVER HIS FAULTS, MR. SUHARTO IS RIGHT TO LOOK FOR SOME ALTERNATIVES IN THE FACE OF THE REGION'S IMF-OK'D [INTERNATIONAL MONETARY FUND-APPROVED] SPIRAL OF COMPETITIVE DEVALUATIONS, THE COLLAPSE OF THE RUPIAH TO 25 PERCENT OF ITS VALUE A FEW MONTHS AGO, AND THE DISINTEGRATION OF WHAT HAD BEEN ONE OF ASIA'S FASTEST-GROWING ECONOMIES.... A CURRENCY BOARD IS QUITE PLAUSIBLY INDONESIA'S BEST CHANCE TO AVERT FURTHER COLLAPSE OF THE RUPIAH.... IF INDONESIA GIVE UP ON A CURRENCY BOARD, AND PROCEEDS INSTEAD TOWARD HYPER-INFLATION AND BLOODSHED, MR. RUBIN NEEDS TO BE READY TO EXPLAIN WHY HE AND HIS BOSS URGED THAT CHOICE.

TEXT: NEWS THAT THE PENTAGON WAS RECENTLY UNDER ATTACK BY COMPUTER HACKERS, THAT IS, COMPUTER USERS WHO MAKE A GAME OF ILLEGALLY BREAKING INTO THE COMPUTER NETWORKS OF SECURE INSTALLATIONS, DRAWS THIS COMMENT FROM "THE LOS ANGELES TIMES."

VOICE: THE PENTAGON HAS LONG BEEN A FAVORED TARGET OF COMPUTER HACKERS, ALMOST AN ADDICTION. CONGRESSIONAL RESEARCHERS PUT THE HACK ATTEMPTS AT ABOUT ... 685 UNAUTHORIZED BIDS FOR ACCESS EVERY DAY, NEARLY ONE EVERY TWO MINUTES. SO WHEN DEPUTY DEFENSE SECRETARY JOHN HAMRE ANNOUNCED THURSDAY THAT DURING THE PAST TWO WEEKS THE PENTAGON'S COMPUTERS SUFFERED 'THE MOST ORGANIZED AND SYSTEMATIC ATTACK' EVER, IT WAS WAY PAST TIME TO SOUND THE ALARM.... A PANEL OF OUTSIDE EXPERTS, THE DEFENSE SCIENCE BOARD, IS CLAMORING FOR A SHARP INCREASE IN SPENDING ON COMPUTER SECURITY TO PREVENT WHAT SOME DESCRIBE AS THE ELECTRONIC EQUIVALENT OF PEARL HARBOR. IN OTHER WORDS, AN UNEXPECTED AND SUSTAINED ATTACK ON SUCH INFRASTRUCTURES AS POWER GRIDS, AIR TRAFFIC CONTROL AND OTHER KEY OPERATIONS. /// OPT /// FOR MOST AMERICANS, THIS KIND OF CRISIS EXISTS ONLY IN THE MINDS OF HOLLYWOOD MOVIE PRODUCERS. THE PUBLIC DESERVES TO KNOW MORE ABOUT THESE SUPPOSED THREATS THAN IT HAS BEEN TOLD TO DATE.

TEXT: AND LASTLY A LAMENT THAT CAMPAIGN FINANCE REFORM DIED AN UNHAPPY DEATH IN THE U-S SENATE YESTERDAY, BUT AS "THE NEW YORK TIMES" REMINDS READERS, "CAMPAIGN REFORM HAS NINE LIVES."

VOICE: .... IT WAS DISAPPOINTING THAT NO MORE THAN 51 SENATORS, WELL SHORT OF THE 60 NEEDED, VOTED TO CUT OFF A FILIBUSTER OF THE MCCAIN-"FEINGOLD BILL LED BY TRENT LOTT, THE MAJORITY LEADER. BUT IF REFORM SUPPORTERS KEEP ATTACHING THE MEASURE TO OTHER LEGISLATION IN COMING WEEKS, THE MOST SIGNIFICANT CLEANUP OF THE NATION'S POLLUTED ELECTORAL SYSTEM SINCE THE POST-WATERGATE REFORMS OF THE 1970S CAN STILL BE SALVAGED.

TEXT: ON THAT HOPEFUL NOTE, WE CONCLUDE THIS SAMPLING OF EDITORIALS FROM TODAY'S U-S PRESS.
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27-Feb-98 11:18 AM EST (1618 UTC)
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Source: Voice of America

[07] GERMANY / EURO (L ONLY) BY KYLE KING (BONN)

INTRO: GERMANY IS CELEBRATING THE NEWS THAT IT HAS PASSED A KEY TEST FOR MEMBERSHIP IN THE NEW SINGLE EUROPEAN CURRENCY. AS V-O-A'S KYLE KING REPORTS FROM BONN, GERMAN OFFICIALS SAY THEY EXPECT THE NEW CURRENCY TO BE BOTH STRONG AND STABLE.

TEXT: CHANCELLOR HELMUT KOHL SAYS HE IS IMPRESSED BY NEW DATA THAT SHOWS GERMANY'S 1997 BUDGET DEFICIT WAS WELL WITHIN THE TARGET SET FOR MEMBERSHIP IN THE NEW SINGLE EUROPEAN CURRENCY.

MR. KOHL SAID HE IS NOW CERTAIN THE NEW CURRENCY WILL BE ADOPTED ON TIME IN 1999 AND HE EXPECTS IT TO BE AS STABLE AS THE BELOVED GERMAN MARK THAT IT WILL REPLACE. GERMANY, A KEY BACKER OF THE SINGLE CURRENCY PROJECT AND THE LARGEST ECONOMY IN EUROPE, HAS AT TIMES ANGERED ITS NEIGHBORS BY DEMANDING STRICT ECONOMIC DISCIPLINE.

FINANCE MINISTER THEO WAIGEL, BASKING IN THE GLOW OF THE NEW DATA, SAID GERMANY HAS PROVED ITS READINESS TO TAKE PART IN EUROPEAN MONETARY UNION.

MR. WAIGEL SAID THE NEW FIGURES HAVE LAID THE BASIS FOR A STABLE EUROPEAN CURRENCY DESPITE THE NEGATIVE PREDICTIONS OF MANY ECONOMIC EXPERTS, THINK TANKS, AND BANKERS.

MR. WAIGEL SAID THE LOWER THAN EXPECTED BUDGET DEFICIT CAME DESPITE THE HEAVY COST OF UNIFICATION WITH THE FORMER COMMUNIST EAST GERMANY.

ALTHOUGH GERMANY DID NOT MEET THE OVERALL DEBT TARGET FOR THE SINGLE CURRENCY, THERE IS NOW NO QUESTION IT WILL BE AMONG THE INITIAL PARTICIPANTS.

ECONOMIC EXPERTS SAY THE LONG-TERM ECONOMIC FORECAST IS BRIGHTER SINCE THE RELEASE OF THE NEW FIGURES, WHICH SHOW ALL E-U MEMBERS, EXCEPT GREECE, HITTING THE KEY GOALS FOR PARTICIPATION IN NEW CURRENCY. (SIGNED)
NEB/KBK/JWH/JO
27-Feb-98 10:38 AM EST (1538 UTC)
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Source: Voice of America

[08] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)

INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (FRIDAY) WITH MAJOR INDEXES CLOSING AT RECORD HIGHS FOR THE THIRD DAY IN A ROW. V-O-A'S CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 85 HUNDRED 45, UP 55 POINTS. FOR THE WEEK, THE INDUSTRIAL AVERAGE GAINED 132 POINTS OR ONE AND ONE-HALF PERCENT. THE STANDARD AND POOR'S 500 INDEX CLOSED FRIDAY AT ONE THOUSAND 49, UP A FRACTION OF A POINT.

ANALYSTS SAY OPTIMISM CONTINUED ON WALL STREET, ESPECIALLY ABOUT THE STOCKS OF LARGE CORPORATIONS SUCH AS THOSE REPRESENTED IN THE INDUSTRIAL AVERAGE.

THE GOVERNMENT HAS REVISED THE RATE OF U-S ECONOMIC GROWTH LAST YEAR TO THREE POINT EIGHT PERCENT, SLIGHTLY LOWER THAN ORIGINALLY ESTIMATED. HOWEVER, THAT IT IS STILL THE STRONGEST RATE OF GROWTH SINCE 1988.

THE HEAD OF THE U-S CENTRAL BANK SAYS THE FINANCIAL CRISIS IN ASIA IS REACHING A CRITICAL POINT IN SEVERAL NATIONS. HOWEVER, ALAN GREENSPAN SAYS THERE IS HOPE FOR RECOVERY IF THE ASIAN COUNTRIES IMPLEMENT ECONOMIC REFORMS AND IF THE INTERNATIONAL COMMUNITY CONTINUES TO OFFER SUPPORT.

THE APPLE COMPUTER COMPANY SAYS IT WILL DISCONTINUE DEVELOPMENT WORK ON ITS NEWTON HAND-HELD COMPUTER. APPLE SAYS IT WANTS TO CONCENTRATE ITS RESOURCES ON ITS DESK-TOP AND NOTEBOOK COMPUTERS.

THE DEADLY TORNADOES THAT STRUCK CENTRAL FLORIDA RECENTLY WILL COST THE U-S INSURANCE INDUSTRY ABOUT 100 MILLION DOLLARS. IT IS STILL NOT KNOWN HOW MUCH OF THE PROPERTY LOSS WAS UNINSURED.

M-G-M GRAND, THE CASINO OPERATOR, SAYS BAD LUCK HAS LED TO LOWER EARNINGS. THE COMPANY SAYS IT SUFFERED SOME BIG LOSSES AT ITS TABLE GAMES IN LAS VEGAS RECENTLY. BUT M-G-M GRAND HAS RE-ASSURED SHAREHOLDERS OF ONE FACT IN THE CASINO BUSINESS: OVER THE LONG-RUN, THE HOUSE WILL ALWAYS WIN.

THE REVIVED PAN AMERICAN WORLD AIRWAYS HAS GONE THE WAY OF THE ORIGINAL PAN AM. THE COMPANY, NAMED AFTER THE PIONEERING U-S AIRLINE, HAS CEASED OPERATIONS AND FILED FOR BANKRUPTCY LAW PROTECTION. SOME ANALYSTS SAY THE ORIGINAL PAN AM HAD DETERIORATED IN THE YEARS BEFORE ITS BANKRUPTCY IN 1991. DAVID NORTH, EDITOR OF "AVIATION WEEK" MAGAZINE SAYS NAMING THE NEW AIRLINE AFTER THE OLD MIGHT HAVE BEEN A MISTAKE.

IT WENT DOWNHILL VERY RAPIDLY AND I THINK ITS NAME WAS NOT AS STRONG IN 1991 WHEN IT FOLDED FOR THE FIRST TIME AS IT HAD BEEN EARLIER. SO, I THINK RELYING ON THAT NAME WAS NOT A GOOD IDEA.

MR. NORTH SAYS HE THINKS THE NEW PAN AM ALSO SUFFERED FROM UNDER-CAPITALIZATION AND POOR MARKETING.(SIGNED) NEB/NY/BA/LSF/PT
27-Feb-98 5:50 PM EST (2250 UTC)
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Source: Voice of America

[09] NORTHERN IRELAND (L-ONLY) BY ANDRE DE NESNERA (LONDON)

INTRO: A SENIOR POLITICAL LEADER IN NORTHERN IRELAND HAS MET IN LONDON WITH BOTH THE BRITISH AND IRISH PRIME MINISTERS. BUT AS V-O-A CORRESPONDENT ANDRE DE NESNERA REPORTS FROM THE BRITISH CAPITAL, THE MEETINGS WERE OVERSHADOWED BY THE QUESTION OF WHETHER SINN FEIN -- THE POLITICAL WING OF THE IRISH REPUBLICAN ARMY -- SHOULD BE ALLOWED BACK INTO TALKS OVER THE FUTURE OF THE BRITISH PROVINCE.

TEXT: AS THE MAY DEADLINE FOR COMPLETION OF THE TALKS ON NORTHERN IRELAND APPROACHES, NEGOTIATORS ARE EXPECTED TO HOLD MORE MEETINGS IN AN EFFORT TO RESOLVE KEY STICKING POINTS.

ON THURSDAY, BRITISH PRIME MINISTER TONY BLAIR MET HIS IRISH COUNTERPART, BERTIE AHERN, HERE IN LONDON. AND ON FRIDAY BOTH MEN MET -- ALBEIT SEPARATELY -- DAVID TRIMBLE, THE LEADER OF THE LARGEST PARTY IN NORTHERN IRELAND, THE PRO-BRITISH "ULSTER UNIONISTS."

BRITISH AND IRISH OFFICIALS SAID THE MEETINGS FOCUSED ON PROSPECTS FOR AN AGREEMENT BY THE MAY DEADLINE -- AND WHAT STILL NEEDS TO BE DONE BEFORE THAT DATE. MR. AHERN WAS IN AN UPBEAT MOOD, SAYING THE MAJOR PARTIES HAVE ALREADY RESOLVED IMPORTANT ISSUES.

HOWEVER FRIDAY'S MEETINGS ALSO TOUCHED ON THE QUESTION OF WHETHER THE POLITICAL WING OF THE IRISH REPUBLICAN ARMY -- SINN FEIN -- SHOULD BE ALLOWED BACK INTO THE TALKS. ITS LEADERS HAVE BEEN TEMPORARILY SUSPENDED UNTIL MARCH NINTH, AFTER POLICE LINKED THE I-R-A TO SEVERAL RECENT KILLINGS IN BELFAST.

FOLLOWING HIS TALKS WITH THE BRITISH PRIME MINISTER, MR. TRIMBLE TOLD REPORTERS HE BELIEVES SINN FEIN SHOULD STAY OUT MUCH LONGER.

I MADE CLEAR OUR OPPOSITION TO AN EARLY RETURN FOR SINN FEIN AND WE THINK THAT (UNTIL) MARCH THE NINTH WOULD NOT BE AN APPROPRIATE PERIOD. WE HAVE SAID THAT SHOULD THEY RETURN PREMATURELY, THEN WE WILL FIND A WAY OF MAKING SURE THAT THEY DO NOT DOMINATE OR CONTROL THE PROCESS.

BUT MR. TRIMBLE DID NOT SAY HOW HE WOULD ACHIEVE THAT GOAL -- NOR DID HE INDICATE WHETHER HIS PARTY WILL BE IN BELFAST ON MARCH NINTH WHEN SINN FEIN IS EXPECTED TO RETURN TO THE NEGOTIATING TABLE. MEANWHILE, MR. TRIMBLE CONTINUES TO RESIST A FACE-TO-FACE MEETING WITH SINN FEIN LEADERS, WHICH THE PARTY'S SENIOR NEGOTIATOR MARTIN MCGUINNESS SAYS DOES NOT HELP THE OVERALL PEACE PROCESS.

HOW ... CAN WE EVEN HOPE TO NEGOTIATE A PEACE SETTLEMENT IN IRELAND, IF THE ULSTER UNIONISTS CONTINUE WITH THEIR REFUSAL TO SPEAK TO POLITICAL REPRESENTATIVES OF THE THIRD LARGEST POLITICAL PARTY IN THE NORTH OF IRELAND (EDS: I.E., SINN FEIN)? //OPT// I HAVE ALWAYS BELIEVED ... THAT MORE INTRACTABLE PROBLEMS EXISTED IN THE WORLD, WHETHER IT BE IN SOUTH AFRICA OR THE MIDDLE EAST. BUT PEOPLE CAME FORWARD. PEOPLE LIKE YITZHAK RABIN IN THE MIDDLE EAST AND DE CLERK IN SOUTH AFRICA -- AND THEY HAD THE COURAGE TO SPEAK TO NELSON MANDELA AND YASSER ARAFAT. //END OPT// WE HAVE YET TO SEE A UNIONIST LEADER WHO IS PREPARED TO SPEAK TO GERRY ADAMS OR TO MARTIN MCGUINNESS. AND I THINK IF WE CAN BRING THAT ABOUT, THEN I THINK THERE WILL BE MUCH HOPE.

ULSTER UNIONIST OFFICIALS SAY SINN FEIN'S CALLS FOR FACE-TO-FACE TALKS ARE ONLY MEANT AS A PUBLICITY STUNT. BUT MANY OBSERVERS SAY SUCH A MEETING IS INEVITABLE. THEY POINT OUT THAT JUST LAST YEAR, ULSTER UNIONIST LEADERS WERE REFUSING TO MEET THE IRISH PRIME MINISTER -- BUT IN THE PAST FEW MONTHS, THEY HAVE MET HIM SEVERAL TIMES. (SIGNED)
NEB/ADEN/PCF
27-Feb-98 12:44 PM EST (1744 UTC)
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Source: Voice of America

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