Voice of America, 00-05-31

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

CONTENTS

[01] ROMANIA BANK (LO) BY BARRY WOOD (WASHINGTON)

[02] CLINTON / E-U (L) BY DEBORAH TATE (LISBON)

[03] CLINTON - EU WRAP (L-ONLY) BY DEBORAH TATE (LISBON)

[04] E-U / DISASTER PROTECTION (L ONLY) BY RON PEMSTEIN (BRUSSELS)

[05] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

[06] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

[01] ROMANIA BANK (LO) BY BARRY WOOD (WASHINGTON)

INTRO: Faced with a run on Romania's biggest bank, the International Monetary Fund has delayed by up to one week its planned action on continued financial support for Romania's reformist government. V-O-A's economics correspondent Barry Wood reports from Washington.

TEXT: The I-M-F says it is waiting to see the policy response of the Romanian government to this latest financial distress. A fund spokeswoman says the I-M-F board is likely to consider Romania's loan application soon, possibly by Friday. Both the I-M-F and the Romanian authorities say the Romanians sought the delay. No matter the reason, Keith Crane, a Washington specialist on transforming economies, believes postponement is unwise.

[02] CLINTON / E-U (L) BY DEBORAH TATE (LISBON)

INTRO: President Clinton is joining leaders of the European Union for a summit in Lisbon, which will include talks on trade, defense issues and the fight against infectious diseases. Correspondent Deborah Tate reports from the Portuguese capital.

TEXT: Mr. Clinton and E-U leaders will revisit their long- running trade disputes over bananas and beef. U-S officials are concerned about E-U banana import policies, which they say favor former European colonies in Africa and the Caribbean over Latin American producers. The American side is also angered about an E-U ban on hormone-treated U-S beef, which the Europeans are not convinced is safe -- despite U-S assurances that it is. U-S officials believe the ban amounts to protectionism. The World Trade Organization has sided with the United States on the trade disputes. Washington has imposed sanctions on a range of European products in retaliation for the E-U policies. Trade is not the only thorny issue separating Europe and the United States. The Europeans are concerned about U-S plans for a limited national missile defense system, which they believe will undermine decades of arms-control efforts and launch a new arms race. That position has been embraced by Russian President Vladimir Putin, whom Mr. Clinton will meet in Moscow beginning on Saturday. Deployment of a missile shield would require changes to the 1972 Anti-Ballistic Missile Treaty. U-S officials say such a move is necessary to protect the United States against attack from what they call "rogue nations," such as Iran or North Korea. Changing the A-B-M Treaty is not the only defense-related dispute between the trans-Atlantic allies. Washington opposes an E-U plan for an all-European defense force, fearing it would undermine NATO defense guarantees. Officials on both sides say they do not expect a breakthroughs on either the defense or trade disputes. They are more optimistic about progress on a joint initiative to fight infectious diseases, including AIDS. Mr. Clinton, who has declared the global spread of AIDS a national-security threat, expressed hope for such an agreement when he spoke to Portuguese scientists on Tuesday. (Signed)
NEB/DAT/WTW 31-May-2000 07:36 AM EDT (31-May-2000 1136 UTC)
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Source: Voice of America

[03] CLINTON - EU WRAP (L-ONLY) BY DEBORAH TATE (LISBON)

INTRO: President Clinton and European Union leaders meeting in Lisbon Wednesday failed to make progress on long-standing trade disputes, but agreed to try to launch a new round of global trade talks later this year. Correspondent Deborah Tate reports from the Portuguese capital. Text: The United States is concerned about EU banana import policies, which it says favors former European colonies in Africa and the Caribbean over Latin American producers. Washington is also not happy about EU subsidies going to the European Airbus consortium. Europeans, meanwhile, have banned hormone-treated U-S beef. They also refuse to support a U-S program giving tax breaks to U-S exporters. All these issues were on the agenda at the U-S -EU summit, and there was no progress reported on any of them. Officials did say the disputes would be handled by the World Trade Organization. EU leaders sought to play down the divisions. The President of the European Commission, Romano Prodi, noted that the U-S - EU trading bloc is the largest in the world, making up more than 40 percent of global trade, and thus, he argued, it is not surprising that such conflicts would arise. But he said both sides agreed to make their disputes less public.

[04] E-U / DISASTER PROTECTION (L ONLY) BY RON PEMSTEIN (BRUSSELS)

INTRO: European Union officials are calling for closer coordination in response to natural disasters. V-O-A's Ron Pemstein in Brussels reports Europe's recent experience with disasters is stirring new thoughts about how to deal with them.

TEXT: Since last year, there have been earthquakes in Greece and Turkey, storms in France, Germany and Austria, an oil spill off the French coast, pollution of rivers in Romania and Hungary, and a fireworks explosion in the Netherlands. How does Europe react to these disasters? Civil authorities in the individual countries try to limit the immediate damage but often need outside assistance. There are more than 40 bilateral agreements for outside help, but little coordination in the way it is delivered. To better coordinate the reaction to disasters, the European Commission is proposing to E-U member nations and candidate countries that the commission coordinate disaster response. Commissioner Michel Barnier suggests -- for example, that the European Commission could assemble experts in cleaning sea birds if there is a repeat of the recent oil spill in Brittany. He spoke through an interpreter about special civil protection units.

[05] NY ECON WRAP (S&L) BY ELAINE JOHANSON (NEW YORK)

INTRO: U-S stock prices drifted lower today (Wednesday). Interest rate concerns apparently prevented a follow-through on Tuesday's big rally. V- O-A correspondent Elaine Johanson reports from New York:

TEXT: The Dow Jones Industrial Average closed five points lower, a fractional loss, at 10-thousand-522. The Standard and Poor's 500 index lost two points. And the Nasdaq composite, after a record eight-percent gain the day before, gave back some - about one-point- six percent. Stocks wavered throughout the day. There was some light profit-taking following Tuesday's rally. Meanwhile, buyers stepped in on signals that six interest rate hikes may finally be starting to slow down the U-S economy.

[06] WEDNESDAY'S EDITORIALS BY ANDREW GUTHRIE (WASHINGTON)

INTRO: U-S daily papers are reacting with frustration to what many call Peru's' "sham" election, in which only the incumbent, Alberto Fujimori, was an active candidate. The news is much better from Northern Ireland, where the local, legislative assembly of Unionists and Republicans is back in session, and drawing comment here. This country is dealing with yet another school shooting, and that too is in the editorials, as is the Israeli withdrawal from southern Lebanon. Rounding out the commentaries are thoughts on: President Clinton's European trip; more war in the Horn of Africa; and martial law in Fiji. Now, here with a closer look and some excerpts is __________ and today's U-S Editorial Digest.

TEXT: After the opposition candidate, Alejandro Toledo dropped out of Peru's presidential race, predicting widespread fraud, the vote went ahead anyway. And to no one's surprise, two-term incumbent Alberto Fujimori won. But the U-S press, including Ohio's [Akron] Beacon Journal, wants a new, fair, election.

VOICE: /// OPT /// Democracy has proved inconvenient for Alberto Fujimori. In 1992 [he] ... temporarily disbanded the Congress and ... Supreme court. He contended the battle against terrorists and drug traffickers required the authority of a dictator. His words were not so blunt. The approach was. /// END OPT /// On Sunday, [Mr.] Fujimori won re-election to a third term in an election marred by irregularities. ... Even the usually timid Organization of American States [O-A-S] condemned the power play. ... Perhaps [President] Fujimori believes this moment, too, will pass, the country's democratic institutions devalued yet again to serve his interests. The international community shouldn't prove so easy.

TEXT: In Wisconsin, The Milwaukee Journal Sentinel says: "Peruvians deserve better," adding:

VOICE: Peruvians need not choose between democracy and stability; they are entitled to both.

TEXT: The Houston Chronicle says of the vote: "... flawed it was, completely lacking credibility..." and today's [Cleveland, Ohio] Plain Dealer suggests to Washington: "...maintaining a cool relationship with the new Fujimori government would be appropriate." The Chicago Tribune laments that: "Peru's Democracy is Unraveling.

TEXT: The news is much better in Northern Ireland, where the legislative assembly, made up of mostly protestant pro-British Unionists and mostly Roman Catholic Republicans, is back governing the country. The Unionists voted Saturday to participate, causing today's [Minneapolis, Minnesota] Star Tribune to exult:

VOICE: Many lives have been sacrificed on the political altars of Ulster - many children orphaned and mothers left childless. /// OPT