Article Abstract:
The US and Japan have both mismanaged the financial crisis in Asia, where they are extremely influential. Japan failed to internationalize the yen to deal with its own economic stagnation, and has been prevented by the US from using its large currency reserves to establish an Asian emergency fund. At the same time, the US has failed to offer sufficient funds to assist countries such as Thailand and Indonesia. The US administration has for many years failed to have a coherent Asia policy, and is now giving the responsibility for resolving the Asian financial crisis to organizations such as the International Monetary Fund.
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Article Abstract:
There seems to be growing support in the US for the view that Asian countries should receive economic assistance. The main initiative designed to assist Asian economies suffering from high levels of debt, currency devaluation and growing unemployment is a funding package worth around $18 billion from the International Monetary Fund. The US Congress is still unwilling to agree this package, but will come under growing pressure to do so from Treasury Secretary Robert Rubin. Fears that the sex scandal surrounding President Bill Clinton would deflect attention from Asia's plight are proving unfounded.
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Article Abstract:
It is vital that President Bill Clinton clearly explains to ordinary Americans why he believes the International Monetary Fund (IMF) requires additional contributions, according to House of Representatives speaker Newt Gingrich. If he does not, then he is less likely to gain congressional approval for additional contributions. Congress wants to help the IMF if it can, but careful consideration must be given to the most appropriate approach. This is likely to be a lengthy process.
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