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" Currency crisis intrudes into ASE



Reply-To: south@xxxxxxxxxxxxxxxxxx (SAFHR KATHMANDU)
Subject: " Currency crisis intrudes into ASEAN talks with trade partners"

"Currency crisis intrudes into ASEAN talks withs trade partners"
The Kathmandu Post
Tuesday, July 29, 1997

Kuala Lumpur, July 28(AFP)- THe  currency crisis which has rocked
Southease Asian countries in recent weeks intrudes into the region's annual
cooperation talks with the United States and other leading trade partners
here Monday.

Vigorous critcism of Burma also marked the normally laid-back meetings
between the Association of Southeast Asian Nations(ASEAN) and its "dialogue
partners," which also include Japan, Canada and the European Unioin(EU).

Malaysian Prime Minister  Mahathir Mohamad took up the currency problem,
which he blamed on US financier George Soros, when he received foreign
ministers of the 10 dialogue partners of ASEAN.

"I think we all agreed that this very violent  fluctuation is not doing
anybody any good," he later told journalists."We had very good
discussion, focused almost exclusively on the attacks on the currencies."

The meeting include US secretary of State Medeleine Albright and Japanese
Foreign Minister Yukihiko Ikeda.

"I gave my views about the matter. Some suggested we should raise this
matter at APEC," Mahathir said, referring to the Asia-Pacific Economic
Cooperation forum, which will hold a summit in November in Vancouver.

But differences soon emerged between Malaysia and the US delegation.

In official talks between ASEAN and its dialogue partners, Albright
stressed that market forces were at work on Southeast Asian currencies,
although she said Washington was closely monitoring the situation.

Mahathir has laid the blame on sepulators allegedly led by US financier
and pro-democracy crusader George Soros, a Hungarian-born billionaire who
is held high regard by US officials and finances pro-democracy campaign
worldwide.

Soros allegedly launched attacks on the Malaysian ringgit and other
Southeast Asian currencies as part of a campaign against army-ruled Burma,
which joined ASEAN last week. He denied the allegations and received backing
from US officials.

"Currency fluctuations historically, whether in the United States or Mexico
or Europe or Asia, are caused by economic forces and not by one
individual," said Stuart Eizenstat, undersecretary of state for economic
affairs.

US State Department spokeman Nicholas Burns went further:"George Soros in
an honorable man. He is a man who has done a lot of good. It is not fair to
blame one individual for what is clearly economic forces at work,"

Nugroho Wisnunurti, director-general of the Indonesia foreign ministry's
political bureau, said: "This is the US view. It is not necessarily the
same views as ours."

The currency issue took some attention away from Burma, which was admitted
into ASEAN last wekk despite western objections based on its notorious human
rights record and alleged government links to drug trafficking.

For the second day since as ASEAN-sponsored security forum on Sunday,
Albright bluntly accused Burma,s ruling junta of complicity in the drugs
trade and laundering its profits.

"Drug traffickers who once spent their days leading mule trains down
jungle tracks are now leading lights in BUrma's new market economy and
leading foigures in its new poliytical order," Albright said.

She was apparently referring to former opium waslord Khun Sa, among
others. Khun Sa "retired" from his drug empire in BUrma's northeast Shan
State and is now reported to be involved in legitimate business operating
from Rangoon.

BOTH OF ALBRIGHT'S ATTACKS HAVE BEEN IN THE PRESENCE OF BURMA'S FOREIGN
MINISTER, OHN GYAW.

Over the two days, Australaia, Canada and European Union also launched
assaults on Rangon with Canadian Foreign Minister Lloyd Axworthy on
Monday assailing the junta's "policies of repression."

While ASEAN's trade partners vowed Monday to maintain cooperation programs
with the region, the United States has banned all new investments in Burma,
and EU has ruled out extending a cooperation agreement with ASEAN to Burma
until it improves its record.