Voice of America, 99-01-05

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

CONTENTS

[01] EDITORIAL: V-O-A INAUGURATES MACEDONIAN SERVICE

[02] "THE EURO," EUROPE'S NEW COMMON CURRENCY IS BORN BY ANDREW N. GUTHRIE (WASHINGTON)

[03] EURO/BRITAIN (L-ONLY) BY LAURIE KASSMAN (LONDON)

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

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

[01] EDITORIAL: V-O-A INAUGURATES MACEDONIAN SERVICE

ANNCR: THE VOICE OF AMERICA PRESENTS DIFFERING POINTS OF VIEW ON A WIDE VARIETY OF ISSUES. NEXT, AN EDITORIAL REFLECTING AMERICAN IDEALS AND INSTITUTIONS.

VOICE:

THIS WEEK, THE VOICE OF AMERICA BEGAN BROADCASTING IN THE MACEDONIAN LANGUAGE. THE ADDITION OF MACEDONIAN BRINGS THE NUMBER OF V-O-A LANGUAGES TO FIFTY-THREE. IT IS THE MOST SINCE THE UNITED STATES BEGAN ITS INTERNATIONAL RADIO BROADCASTS MORE THAN A HALF CENTURY AGO.

V-O-A ALSO BROADCASTS TO THE BALKANS IN ALBANIAN, BOSNIAN, CROATIAN, SERBIAN AND SLOVENE. AS V-O-A DIRECTOR EVELYN LIEBERMAN SAID, "WE HAVE ADDED MACEDONIAN BECAUSE WE WANT TO REACH THE WIDEST POSSIBLE AUDIENCE IN THE BALKAN REGION."

THE MACEDONIAN SERVICE WILL INITIALLY BROADCAST MONDAY THROUGH FRIDAY FOR FIFTEEN MINUTES A DAY. BROADCASTS INCLUDE AN OPENING NEWSCAST, FOLLOWED BY REPORTS FROM THE BALKAN REGION, INTERVIEWS WITH EXPERTS AND NEWSMAKERS, AND SHORT FEATURES ABOUT THE U.S. PROGRAMS PRODUCED BY V-O-A'S MACEDONIAN SERVICE ARE BEING CARRIED BY NINE A-M AND F-M STATIONS IN THE REGION. THEY ARE BROADCAST AT THREE-THIRTY IN THE AFTERNOON LOCAL TIME.

AS WITH ALL VOICE OF AMERICA BROADCASTS, THE MACEDONIAN SERVICE IS REQUIRED BY THE V-O-A CHARTER TO PRESENT ACCURATE, OBJECTIVE AND COMPREHENSIVE NEWS, AND BALANCED VIEWS OF AMERICAN THOUGHT AND INSTITUTIONS. THE CHARTER ALSO REQUIRES V-O-A TO PRESENT THE POLICIES OF THE UNITED STATES, AS WELL AS DISCUSSION OF THOSE POLICIES. BY LISTENING TO V-O-A, PEOPLE AROUND THE WORLD ARE ABLE TO LEARN ABOUT ACTIONS OF THE U.S. THAT MAY AFFECT THEIR OWN COUNTRIES AND THEIR OWN LIVES.

THE U.S. IS COMMITTED TO A STRONG V-O-A. AS PRESIDENT BILL CLINTON HAS SAID, "THE AMERICAN PEOPLE KNOW THAT THE FREE FLOW OF IDEAS IS THE LIFEBLOOD OF DEMOCRACY AND THAT THE UNCHAINED MIND IS FREEDOM'S MOST POWERFUL WEAPON."

ANNCR:

THAT WAS AN EDITORIAL REFLECTING AMERICAN IDEALS AND INSTITUTIONS. IF YOU HAVE A COMMENT, PLEASE WRITE TO EDITORIALS, V-O-A, WASHINGTON, D-C, 20547, U-S-A. YOU MAY ALSO COMMENT AT WWW-DOT-VOA-DOT-GOV-SLASH-EDITORIALS, OR FAX US AT (202) 619-1043.
04-Jan-99 2:41 PM EST (1941 UTC)
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Source: Voice of America

[02] "THE EURO," EUROPE'S NEW COMMON CURRENCY IS BORN BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: THE BEGINNING OF THE NEW YEAR MARKED A HISTORIC FINANCIAL STEP IN EUROPE, THE INTRODUCTION OF A BRAND NEW, COMMON CURRENCY CALLED "THE EURO."

THE NEW MONETARY UNIT, A DREAM OF SOME EUROPEAN LEADERS FOR DECADES, IS SEEN BY MANY AS AN EVENTUAL CHALLENGER TO THE U-S DOLLAR. AND IN THE AMERICAN PRESS, THERE IS CONSIDERABLE REACTION TO THE MONEY'S INTRODUCTION, AS WE HEAR NOW FROM ___________________ WHO JOINS US WITH TODAY'S U-S OPINION ROUNDUP.

TEXT: /// OPT /// IN TUESDAY'S "NEW YORK TIMES" BUSINESS SECTION, THE FRONT PAGE SUMMARY OF LEADING EVENTS DESCRIBED THE EURO'S FIRST DAY OF TRADING THIS WAY: "THE EURO HAD A NEARLY FLAWLESS DEBUT IN WORLD MARKETS AS EUROPEAN FINANCIAL INSTITUTIONS OPENED FOR BUSINESS WITHOUT A HITCH AND EUROPE'S NEW SINGLE CURRENCY CLIMBED IN VALUE AGAINST OTHER MAJOR CURRENCIES." "THE TIMES" CONTINUED: "...REACTION WAS MUCH MORE SUBDUED IN THE CONSUMER MARKETPLACE, WHERE THERE WAS LITTLE EVIDENCE OF CHANGE. IT IS UNCLEAR HOW THE EURO WILL FARE AGAINST THE DOLLAR AND WHAT KIND OF CHALLENGE IT WILL MAKE AGAINST THE UNITED STATES CURRENCY."

THE BIG NEW YORK NEWSPAPER DEVOTED TWO SEPARATE STORIES TO THE MONEY'S INTRODUCTION, AND /// END OPT /// SEVERAL PAPERS HAD COMMENTS IN THEIR EDITORIAL COLUMNS, INCLUDING "THE OMAHA [NEBRASKA] WORLD-HERAMD," WHICH CAUTIONED TOURISTS NOT TO PUT AWAY THEIR MONEY CALCULATORS JUST YET.

VOICE: TOURISTS, DON'T JUMP FOR JOY YET. THE EURO - - EUROPE'S NEW STANDARD UNIT OF CURRENCY - - WON'T BE IN GENERAL CIRCULATION FOR A FEW MORE YEARS. UNTIL THEN, YOU'LL HAVE TO CONTINUE THOSE TIRESOME MENTAL GYMNASTICS, CONVERTING FRANCS TO GUILDERS TO MARKS TO PESETAS AS YOU TRAVEL FROM EUROPEAN COUNTRY TO EUROPEAN COUNTRY. /// OPT /// .... COINS AND PAPER EUROS WON'T HIT THE STREETS AND WALLETS UNTIL TWO-THOUSAND-AND-TWO, TO GIVE PEOPLE TIME TO GET USED TO THE CHANGE. THAT IS WHEN THINGS WILL GET CONSIDERABLY EASIER FOR AMERICAN TOURISTS. .... [THEN] YOU'LL BE ABLE TO SPREAD EUROS (AT ONE-DOLLAR-17-CENTS APIECE) NEARLY WHEREVER YOU GO.

TEXT: STILL IN THE MIDWEST, "THE CHICAGO TRIBUNE" GREETED THE NEW MONETARY UNIT ON ITS FIRST DAY, JANUARY FIRST, WITH THESE THOUGHTS.

VOICE: IT HAS BEEN SOME TIME SINCE WE WITNESSED THE BIRTH OF A NEW CURRENCY WITH THE POTENTIAL TO TRANSFORM A CONTINENT AND THE WORLD. ... THE IDEA OF A SINGLE EUROPEAN CURRENCY HAD LONG BEEN VIEWED AS A 'BUREAUCRAT'S PIPE DREAMS,' SAID AMBASSADOR HUGO PAEMEN, THE EUROPEAN COMMISSION'S REPRESENTATIVE TO THE U-S. THERE ARE SKEPTICS WHO MAINTAIN THAT THE PIPE DREAM IS JUST THAT - - THAT THE ECONOMIES OF THE EURO-ZONE COUNTRIES ARE TOO DIFFERENT TO SUSTAIN A COMMON CURRENCY. THAT DEBATE WILL NOW BE SETTLED IN THE REAL WORLD. /// OPT /// THE EURO MAY ONE DAY CHALLENGE THE DOLLAR AS THE WORLD'S CURRENCY OF CHOICE FOR TRADE AND INVESTMENT. ..... BUT FIRST THIS NEWCOMER WILL HAVE TO PROVE ITSELF AS A STRONG AND STABLE CURRENCY BACKED BY MONETARY AUTHORITIES WHO WON'T CAVE [GIVE IN] TO THE POLITICAL ENTREATIES OF MEMBER COUNTRIES. IT WILL HAVE TO PROVE IT CAN HOLD ITS VALUE IN TIMES OF TURMOIL. THAT DOESN'T JUST HAPPEN.... BUT SKEPTICISM ASIDE, LET'S TOAST THE LAUNCH. WELCOME TO THE WORLD, EURO. /// END OPT ///

TEXT: FOR ITS PART, "NEWSDAY" ON NEW YORK'S LONG ISLAND, ASKS:

VOICE: HOW WILL IT ALL WORK OUT? EUROPE'S LEADERS ARE BETTING THAT THE BENEFITS OF A SINGLE CURRENCY WILL FAR OUTWEIGH ITS SHORT-TERM PROBLEMS. MAYBE - - AND MAYBE EUROPE WILL OFFER STIFFER COMPETITION FOR U-S COMPANIES AS A RESULT. BUT THE ONLY SURE THING IS THAT UNPREDICTABLE POLITICAL TURNS OF EVENTS WILL OCCUR IN EUROPE. .... BUT IF ECONOMIC UNION ! ACHIEVES THE POLITICAL GOAL THAT ORIGINALLY MOTIVATED IT - - TO CREATE A EUROPE SO PROSPEROUS AND INTERDEPENDENT THAT THERE'S NO ROOM FOR THE KINDS OF CONFLICTS THAT GENERATED TWO WORLD WARS - - IT WILL HAVE BEEN AN EXCELLENT INVESTMENT INDEED.

TEXT: "THE MIAMI HERALD" SEES THIS AS A MAJOR EVENT, BUT SUGGESTS TO READERS NOT TO WORRY ABOUT THE ECLIPSE OF THE U-S DOLLAR ANY TIME SOON.

VOICE: TO APPRECIATE THE VALUE OF A SINGLE CURRENCY ON THE U-S ECONOMY IS TO GRASP THE POWERFUL APPEAL OF EUROPE'S BOLD CONVERSION TO THE EURO ... DESPITE THE EURO'S POTENTIAL, IT'S IMPORTANT NOT TO OVERSTATE THE CASE. FOR EVEN IF THE EURO ACHIEVES ITS MOST AMBITIOUS GOALS, IT WILL NOT BLOT OUT ALL UHAT SEPARATES EUROPEANS.

TEXT: IN THE RHODE ISLAND CAPITAL, "THE PROVIDENCE SUNDAY JOURNAL." SUGGESTS FUTURE HISTORIANS WILL LOOK BACK ON JANUARY FIRST, 1999 AS A VERY HISTORIC DATE IN FINANCIAL AFFAIRS.

VOICE: YEARS HENCE, THE HISTORY OF EUROPE AS ONE COUNTRY MAY BE RECORDED AS STARTING ON JANUARY FIRST, 1999, THE DAY THAT THE SINGLE CURRENCY WAS INTRODUCED TO ELEVEN COUNTRIES OF THE EUROPEAN UNION. OF COURSE, HISTORY MAY RECORD THAT THIS EXPERIMENT, FOR THAT IS WHAT IT IS, FELL FLAT ON ITS FACE [FAILED MISERABLY]. /// OPT /// BUT FOR NOW, WITH INTEREST RATES AND INFLATION AT HISTORIC LOWS IN FRANCE AND GERMANY, AND OTHER ECONOMIC INDICATORS, INCLUDING STOCKS MARKETS, IN MOST EUROPEAN COUNTRIES DOING WELL (WITH THE HARSH EXCEPTION OF UNEMPLOYMENT, IN THE DOUBLE DIGITS ALMOST EVERYWHERE), ! THE OUTLOOK GOR THE EURO, AND MORE GENERAL PROSPECTS OF EUROPEAN POLITICAL UNION, LOOK PROMISING. THE ANCIENT PRESSURES THAT HAVE PULLED EUROPE APART IN THIS CENTURY, AND TWICE LED TO WAR, MAY HAVE BEEN PUT TO BED. FOR NOW, ALL IS WELL. SUPPORT IN EUROPE FOR THE NEW CURRENCY IS BROAD, EVEN IF IT DOESN'T SPARK MUCH PASSION. AND ALL WILL CONTINUE TO BE WELL AS LONG AS THERE AREN'T ANY NASTY ECONOMIC BUMPS OVER THE NEXT FEW YEARS. IF THERE SHOULD BE, THAT BANK IN FRANKFURT AND THOSE BUREAUCRATS IN BRUSSELS WILL BE FAT TARGETS FOR ANY DEMAGOGUE. /// END OPT ///

TEXT: HUGO YOUNG, A COLUMNIST FOR LONDON'S "THE GUARDIAN," WRITING IN "THE NEW YORK TIMES," SAYS THAT WHILE THERE ARE SOME RISKS, SKEPTICS MAY BE LOSING SIGHT OF A PAIR OF CRITICAL FACTS.

VOICE: FIRST, THE EURO HAS THE IRON [I.E. TOTAL OR FIRM] COMMITMENT OF ELEVEN NATIONS. APART FROM BRITAIN AND DENMARK, NONE OF THE 15 MEMBERS OF THE EUROPEAN UNION HAVE A GROUPING OF SKEPTICS BIG ENOUGH TO CHANGE THE COURSE NOW SET. IN JUST ABOUT EVERY COUNTRY, LOYALTY TO THE PROJECT HAS SURVIVED RECENT ELECTIONS THAT DISPLACED THE PARTY THAT FIRST GOT IT UNDER WAY. POPULAR OPINION IS SAID TO OPPOSE THE EURO. BUT THE PEOPLE HAVE ALREADY TOLERATED MANY OF THE WORST DIFFICULTIES ENTAILED BY IT. THE MEDITERRANEAN COUNTRIES, IN PARTICULAR, HAVE ADOPTED AUSTERITY MEASURES THAT ONCE WOULD HAVE CAUSED UNREST. SPAIN, FOR EXAMPLE, HAS WEATHERED 25 PERCENT UNEMPLOYMENT.

TEXT: THAT CONCLUDES THIS SAMPLING OF U-S EDITORIAL COMMENT ON THE INTRODUCTION OF THE NEW EUROPEAN MONETARY UNIT, "THE EURO" ON JANUARY FIRST.
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05-Jan-99 2:17 PM EST (1917 UTC)
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Source: Voice of America

[03] EURO/BRITAIN (L-ONLY) BY LAURIE KASSMAN (LONDON)

INTRO: THERE HAVE BEEN SIGHS OF RELIEF IN LONDON'S FINANCIAL DISTRICT AFTER THE APPARENTLY FLAWLESS BIRTH OF THE EURO. AFTER AN INITIAL SURGE OF BUSY TRADING, THE MARKETS HAVE CALMED DOWN AND ACCEPTED THE EURO. CORESPONDENT LAURIE KASSMAN REPORTS ON REACTION TO EUROPE'S NEW CURRENCY.

TEXT: CURRENCY TRADERS IN LONDON'S FINANCIAL DISTRICT CALL THE LAUNCH OF THE EURO SMOOTH AND SUCCESSFUL.

PAUL CANTWELL RUNS EURO OPERATIONS AT ANDERSON CONSULTING IN LONDON.

I THINK FOR AN ENTERPRISE LIKE THIS, WHICH WAS DESCRIBED ONCE AS TRYING TO TAKE DOWN THE BERLIN WALL BRICK BY BRICK AND PUT IT BACK UP AGAIN IN A WEEKEND, NO ONE WOULD HAVE EXPECTED IT TO GO AS WELL AS IT ACTUALLY HAS DONE.

MR. CANTWELL FINDS MARKET REACTION TO THE EURO RELATIVELY QUIET, BUT SUBSTANTIAL. STILL, THERE ARE LOUD WHISPERS AMONG EURO SUPPORTERS IN BRUSSELS, ALREADY PREDICTING THE EURO WILL RIVAL THE DOLLAR AS THE WORLD'S BEST RESERVE CURRENCY. MR. CANTWELL SAYS COMPETITION WITH THE DOLLAR IS HEALTHY.

I THINK THE VIEW THAT SAYS FOR ANY CURRENCY -- THE DOLLAR INCLUDED -- TO HAVE A COMPLETELY NON-COMPETITIVE ENVIRONMENT ALLOWS GOVERNMENTS TO MAKE POOR DECISIONS AND GET AWAY WITH THEM. I THINK IT IS ACTUALLY HEALTHIER TO SEE THE EURO PLAYING AT LEAST A PARALLEL ROLE AGAINST THE DOLLAR.

CHIEF ECONOMIST FOR THE JAPANESE BANK "D-K-B", GERARD LYONS, RATES THE EURO AS THE WORLD'S NUMBER-TWO KEY CURRENCY -- AFTER THE U-S DOLLAR AND AHEAD OF THE JAPANESE YEN. HE SAYS THE STRENGTH OF THE EURO IN EARLY TRADING HAD A LOT TO DO WITH A WEAK DOLLAR AND YEN.

THE EURO HAS BENEFITED FROM BEING BORN AGAINST A WEAK DOLLAR. THE DOLLAR FINISHED 1998 ON A VERY SOFT TONE, NOT JUST AGAINST THE EURO, BUT AGAINST THE YEN.

THE EURO'S EARLY SHOW OF STRENGTH IN THE MARKETPLACE HAS SPARKED MIXED REACTIONS IN BRITAIN, WITH PRO- AND ANTI-EURO VOICES COMPETING TO BE HEARD. BUT ECONOMIC ANALYSTS AGREE THAT EVEN WITH BRITAIN ON THE SIDELINES, LONDON'S WELL-ESTABLISHED MARKETS MEAN THE CITY WILL REMAIN A KEY FINANCIAL CENTER FOR EUROPE AND THE EURO. (SIGNED)
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05-Jan-99 2:12 PM EST (1912 UTC)
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Source: Voice of America

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

INTRO: STOCK PRICES IN THE UNITED STATES WERE UP STRONGLY TODAY (TUESDAY) AS INSTITUTIONAL INVESTMENT MANAGERS POURED MONEY INTO STOCKS. VOA CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK.

TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 93 HUNDRED 11, UP ALMOST 127 POINTS, MORE THAN ONE PERCENT. THE STANDARD AND POOR'S 500 INDEX CLOSED AT A RECORD HIGH 12 HUNDRED 44, UP 16 POINTS. THE NASDAQ INDEX CLOSED AT A RECORD HIGH FOR THE THIRD SESSION IN A ROW.

THERE WAS NO MAJOR NEWS TO MOVE STOCK PRICES. ANALYSTS SAY MUCH OF THE BUYING WAS DRIVEN BY PENSION AND MUTUAL FUND MANAGERS WHO ARE MOVING OUT OF CASH AND INTO STOCKS.

I THINK THERE IS A CONSIDERABLE AMOUNT OF MONEY TO BE INVESTED FOR THE NEW YEAR THROUGH PENSION PLANS AND THE LIKE, AS WELL AS MONEY TEMPORARILY PARKED IN MONEY MARKET FUNDS.

THE GOVERNMENT REPORTS CONSTRUCTION SPENDING IN THE UNITED STATES ROSE IN NOVEMBER FOR THE SIXTH STRAIGHT MONTH. STRONG GAINS WERE NOTED IN BOTH SINGLE-FAMILY HOME CONSTRUCTION AND PUBLIC WORKS PROJECTS.

A TAKEOVER BATTLE MAY BE SHAPING UP FOR AIRTOUCH COMMUNICATIONS, A U-S-BASED WIRELESS TELEPHONE COMPANY. VODAPHONE, THE LARGEST MOBILE TELEPHONE COMPANY IN BRITAIN CONFIRMS IT IS IN TALKS WITH AIRTOUCH. U-S REGIONAL TELEPHONE COMPANY BELL ATLANTIC IS ALSO ATTEMPTING TO WORK OUT A TAKEOVER DEAL WITH AIRTOUCH.

THE APPLE COMPUTER COMPANY SAYS IT HAS SOLD 800 THOUSAND OF ITS I-MAC PERSONAL COMPUTERS SINCE THAT MODEL WAS INTRODUCED FOUR MONTHS AGO. MEANWHILE, THE MICROSOFT COMPANY SAYS I-MAC'S POPULARITY LED MICROSOFT TO DESIGN A NEW VERSION OF ITS INTERNET BROWSER PROGRAM FOR APPLE COMPUTERS.

RETAIL INDUSTRY ANALYSTS SAY THAT ACCORDING TO PRELIMINARY INDICATIONS THE 1998 CHRISTMAS SHOPPING SEASON IN THE UNITED STATES WAS A GOOD ONE, WITH SALES AT TRADITIONAL STORES RISING ABOUT FIVE PERCENT. THE ANALYSTS ALSO POINT OUT THAT, ALTHOUGH SALES MADE THROUGH THE COMPUTER INTERNET DID SOAR LAST MONTH, THEY REMAIN A SMALL FRACTION OF TOTAL U-S RETAIL SALES. AMAZON, THE ON-LINE BOOK SELLER, SAYS ITS SALES TRIPLED IN THE FOURTH QUARTER OF 1998 TO 250 MILLION DOLLARS. HOWEVER, THE COMPANY SAYS THE INCREASED REVENUES WILL NOT REDUCE ITS ANTICIPATED LOSSES FOR THE PERIOD. LIKE MANY INTERNET COMPANIES, AMAZON HAS NEVER EARNED A PROFIT. BUT INVESTORS CONTINUE TO BELIEVE IN ITS FUTURE EARNINGS AND AMAZON'S STOCK GAINED ABOUT EIGHT PERCENT IN TUESDAY'S TRADING.

C-B-S WILL REPLACE A-B-C AS THE NEWS PROVIDER FOR THE AMERICA ONLINE PERSONAL COMPUTER SERVICE. ANALYSTS SAY IT IS A GOOD DEAL FOR C-B-S WHICH HAS LAGGED BEHIND OTHER U-S BROADCASTING COMPANIES IN AN ON-LINE COMPUTER PRESENCE.(SIGNED) NEB/NY/BA/LSF/PT
05-Jan-99 5:16 PM EST (2216 UTC)
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Source: Voice of America

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

INTRO: THE LAUNCH OF THE EUROPEAN COMMON CURRENCY, "THE EURO," AND A GROWING DEBATE OVER WHETHER PRESIDENT CLINTON SHOULD POSTPONE HIS STATE OF THE UNION ADDRESS, ARE AMONG POPULAR EDITORIAL TOPICS IN TUESDAY'S PAPERS.

OTHER SUBJECTS UNDER SCRUTINY INCLUDE: THE FATE OF TWO KHMER ROUGE LEADERS IN CAMBODIA; THE PRESIDENT'S LONG-TERM CARE INITIATIVE; DEALING WITH NORTH KOREA, AND ALLOWING CHINA TO GET U-S TECHNOLOGY SECRETS. NOW, HERE IS ________________WITH A FEW EXCERPTS AND A CLOSER LOOK, IN TODAY'S EDITORIAL DIGEST.

TEXT: ELEVEN EUROPEAN NATIONS MADE A DRAMATIC AND HISTORIC STEP, BY LINKING THEIR NATIONAL CURRENCIES TOGETHER IN A SINGLE MONETARY UNIT, THE EURO. THE U-S PRESS HAS PLENTY OF REACTION TO THE MOVE, BEGINNING WITH "NEWSDAY" ON NEW YORK'S LONG ISLAND, WHICH ASKS:

VOICE: HOW WILL IT ALL WORK OUT? EUROPE'S LEADERS ARE BETTING THAT THE BENEFITS OF A SINGLE CURRENCY WILL FAR OUTWEIGH ITS SHORT-TERM PROBLEMS. MAYBE - - AND MAYBE EUROPE WILL OFFER STIFFER COMPETITION FOR U-S COMPANIES AS A RESULT. BUT THE ONLY SURE THING IS THAT UNPREDICTABLE POLITICAL TURNS OF EVENTS WILL OCCUR IN EUROPE. .... BUT IF ECONOMIC UNION ACHIEVES THE POLITICAL GOAL THAT ORIGINALLY MOTIVATED IT - - TO CREATE A EUROPE SO PROSPEROUS AND INTERDEPENDENT THAT THERE'S NO ROOM FOR THE KINDS OF CONFLICTS THAT GENERATED TWO WORLD WARS - - IT WILL HAVE BEEN AN EXCELLENT INVESTMENT INDEED.

TEXT: "THE MIAMI HERALD" TRIES TO RELATE THE IMPORTANCE - - AND CONVENIENCE - - OF THE MOVE TO AMERICANS THIS WAY.

VOICE: /// OPT /// IMAGINE THE CONFUSION IF, INSTEAD OF DOLLARS, THE UNITED STATES CONDUCTED BUSINESS IN PESOS, REALES, SOLES, AND BOLIVARES. A DRESS THAT COST THE EQUIVALENT OF 79-DOLLARS IN FLORIDA MIGHT COST 89 IN TEXAS, 104 DOLLARS IN NEW YORK, AND 93 IN CALIFORNIA. IMAGINE THE BICKERING WITHIN OUR OWN BORDERS ABOUT EXCHANGE RATES, INFLATION, DISPARATE TAX RATES, INCONSISTENCIES IN THE VALUE OF GOODS AND SERVICES, PAY SCALES, AND OTHER FINANCIAL MEASUREMENTS THAT WORK BEST WHEN PEGGED TO A SINGLE CURRENCY. /// END OPT /// TO APPRECIATE THE VALUE OF A SINGLE CURRENCY ON THE U-S ECONOMY IS TO GRASP THE POWERFUL APPEAL OF EUROPE'S BOLD CONVERSION TO THE EURO ... DESPITE THE EURO'S POTENTIAL, IT'S IMPORTANT NOT TO OVERSTATE THE CASE. FOR EVEN IF THE EURO ACHIEVES ITS MOST AMBITIOUS GOALS, IT WILL NOT BLOT OUT ALL THAT SEPARATES EUROPEANS.

TEXT: DOMESTICALLY, THE NEWEST ISSUE EMERGING FROM IMPEACHMENT IS WHETHER PRESIDENT CLINTON SHOULD DELAY HIS STATE OF THE UNION SPEECH, NOW SET FOR THE 19TH OF JANUARY. "THE ORLANDO SENTINEL" SAYS PUTTING OFF THE SPEECH, WHILE THE SENATE DEBATES HIS IMPEACHMENT, IS A GOOD IDEA.

VOICE: /// OPT /// ... IF THE U-S SENATE HASN'T WRAPPED UP ITS DEBATE ON WHETHER TO REMOVE MR. CLINTON FROM OFFICE BY THAT DATE, IT WOULD BE INAPPROPRIATE FOR MR. CLINTON TO ADDRESS LAWMAKERS. AT LEAST THE WHITE HOUSE ACKNOWLEDGED THAT PROBLEM MONDAY, SAYING ... MR. CLINTON HASN'T RULED OUT RESCHEDULING THE SPEECH. /// END OPT

TEXT: THE IDEA THAT THE TWO MEN WERE FIRST WELCOMED INTO PHNOM PENH WITH FLORAL BOUQUETS AND A BEACH VACATION INFURIATED "THE NEW YORK TIMES," AMONG OTHERS.

VOICE: AFTER THIS ENGENDERED OUTRAGE IN CAMBODIA AND WORLDWIDE, MR. HUN SEN SAID HE SUPPORTED A TRIAL FOR HIS GUESTS. HE SHOULD PROVE IT BY ARRESTING THEM, AND THEN THE UNITED NATIONS MUST QUICKLY MOVE TOWARD SETTING UP A COURT. ... THE TRIALS WILL HAVE TO BE INTERNATIONALLY RUN. BUT THEY CAN HAVE CONSIDERABLE CAMBODIAN PARTICIPATION AND SHOULD BE IN PHOM PENH, WHERE THEY CAN DO THE MOST GOOD FOR THE VICTIMS AND FOR CAMBODIA'S STILL-TRAUMATIZED SOCIETY.

TEXT: PRESIDENT CLINTON MONDAY ANNOUNCED A PLAN TO GIVE FEDERAL FINANCIAL ASSISTANCE, INCLUDING A ONE-THOUSAND DOLLAR INCOME TAX CREDIT, TO PEOPLE CARING FOR ELDERLY RELATIVES AT HOME. "USA TODAY," [THE NATIONAL DAILY FROM ARLINGTON, VIRGINIA] FEELS IT IS A "USEFUL START" ON THE PROBLEM.

VOICE: AS THE BABY BOOM SLOUCHES INTO LATE MIDDLE AGE, IT DOESN'T NEED BIFOCALS TO FORESEE THE TROUBLE AHEAD. IN THE NEXT 30 YEARS, THE ELDERLY POPULATION WILL HIT 70 MILLION, AND A LARGE CHUNK OF THOSE PEOPLE, MANY ALREADY CARING FOR AGING PARENTS, WILL BE RECEIVING LONG-TERM CARE THEMSELVES. .. OR GIVING IT. EITHER WAY, THE PROSPECT IS GRIM. ... SOONER OR LATER, EVERY AMERICAN WILL EXPERIENCE THE FLAWS IN A SYSTEM THAT SPENDS YOU DOWN, BUNDLES YOU OFF AND THEN LOOKS AWAY. IF BUDGET PRIORITIES INEVITABLY MUFFLE CRIES FOR DEEPER REFORM NOW, THEY WON'T AS THE BABY BOOM AGES. WITH THE CLINTON PLAN AS A START POINT, LET THE HOWLING BEGIN.

TEXT: TURNING TO ASIA, THE CURRENT SITUATION IN NORTH KOREA GETS THIS APPRAISAL FROM BOSTON'S "THE CHRISTIAN SCIENCE MONITOR."

VOICE: THINGS HAVEN'T BEEN GETTING ANY BETTER IN - - OR WITH - - NORTH KOREA. /// OPT /// THE COUNTRY'S FOOD CRISIS PERSISTS, THREATENING ITS POOR AND ITS CHILDREN. AT THE SAME TIME, A DIPLOMATIC CRISIS THREATENS TO DEMOLISH A 1994 AGREEMENT WITH THE UNITED STATES AND JAPAN AIMED AT REMOVING THE NORTH'S ABILITY TO DEVELOP NUCLEAR WEAPONS. THE CRISES ARE NOT UNRELATED. /// END OPT /// THE FAMINE, BROUGHT ON LARGELY BY GOVERNMENT MISMANAGEMENT OF AGRICULTURE, CAN BE ALLEVIATED BY INCREASED AID FLOWS - - AND, MOST LASTINGLY, BY EASING NORTH KOREA OUT OF ITS ECONOMIC AND POLITICAL COCOON. .... EVENTUALLY, NORTH KOREA MUST EMERGE FROM THE DARKNESS OF ITS CURRENT SYSTEM. THAT PROCESS NEEDS TO BE ENCOURAGED SO THAT VIOLENT UPHEAVAL CAN BE AVOIDED.

TEXT: IN OTHER ASIAN AFFAIRS, SOME THOUGHTS ON THE STILL-TO-BE RELEASED CONGRESSIONAL REPORT, CHARGING THAT CHINA HAS STOLEN AND OTHERWISE OBTAINED MANY U-S HIGH TECHNOLOGY, ROCKET, SATELLITE AND OTHER SECRETS DURING THE PAST 20 YEARS. "THE ATLANTA CONSTITUTION" AGREES THE "U-S LET DOWN ITS GUARD," BUT POINTS OUT THE REPORTS' CONCLUSIONS ARE, APPARENTLY, FAR FROM UNANIMOUS.

VOICE: ... THE PANEL'S REPORT IS SO COUCHED IN TOP SECRET TERMS ... IT IS DIFFICULT FOR THE LAYMAN TO GAUGE HOW SERIOUS THE CHINA THREAT HAS BECOME. TAKE, FOR INSTANCE, THE MATTER OF PRESUMED ADVANCES IN CHINESE MISSILERY AS A RESULT OF U-S HIGH-TECH COMPANIES' SUGGESTED IMPROVEMENTS. ... AIR FORCE INTELLIGENCE HAS DEEMED IT HARMFUL TO U-S SECURITY; THE C-I-A HAS DISAGREED, AS HAS THE CHIEF OF THE U-S PACIFIC COMMAND, ADMIRAL JOSEPH PRUEHER. THE FACT THAT THE HOUSE PANEL ...SIDED WITH THE AIR FORCE DOESN'T NECESSARILY RESOLVE THIS ARGUMENT.

TEXT: AND LASTLY, TO LATIN AMERICA, AND THIS COMMENT ON PROGRESS IN RESOLVING COLUMBIA'S SEEMINGLY ENDLESS GUERRILLA WAR, FROM TODAY'S "MIAMI HERALD."

VOICE: A YEAR AGO IT WOULD HAVE SEEMED IMPOSSIBLE. YET ON THURSDAY COLOMBIAN PRESIDENT ANDRES PASTRANA WILL DISCUSS PEACE WITH MANUEL MARULANDA, THE GUERRILLA LEADER NICKNAMED TIRAFIJO - - SURE SHOT - - WHO FOR MORE THAN THREE DECADES HAS LED THE REVOLUTIONARY ARMED FORCES OF COLOMBIA, OR F A R C IN THE SPANISH ACRONYM. ... REALISTICALLY, A CIVIL WAR WAGED FOR SOME 35 YEARS WON'T BE RESOLVED QUICKLY OR PAINLESSLY. PRESIDENT PASTRANA HAS STARTED ON THAT LONG ROAD, WHICH IN ITSELF IS PROGRESS. WHATEVER HAPPENS, PEACE TALKS ALONE WILL STIMULATE A NATIONAL CONVERSATION, SPOTLIGHT COLOMBIA'S DISFRANCHISED CLASSES, AND BROADEN ACCESS TO POLITICAL PROCESSES. GODSPEED.

TEXT: ON THAT NOTE, WE CONCLUDE THIS SAMPLING OF COMMENT FROM SOME OF TUESDAY'S U-S DAILY PAPERS.
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05-Jan-99 11:18 AM EST (1618 UTC)
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Source: Voice of America

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