소장기록
제목ASIA: US AND IMF ATTEMPTS TO STEM ASIA FINANCIAL CRISIS
설명Following whirlwind efforts by U-S and I-M-F officials to stem Asia's financial crisis, stocks markets in Hong Kong and Tokyo surged on Friday. But South Korean shares fell after a week of gains. In Seoul, U-S President Bill Clinton's designated Asian financial troubleshooter asked South Korean leaders for more reforms to nurse the world's 11th largest economy back to health. U-S Deputy Treasury Secretary Lawrence Summers was in Seoul as part of a six-nation tour of Asia's troubled economies. His first meeting was with the President-elect Kim Dae-jung on Friday. Summers also met with the outgoing President Kim Young-sam and received assurances from him that South Korea would abide by terms of a U-S 57 billion dollar International Monetary Fund bailout. But Kim also requested help in deferring South Korea's U-S 92 billion dollars in international short-term debt. Summers said he hoped many further reforms, including a restructuring of the financial industry, would be made during the remainder of President Kim's term. But he stressed continued cooperation was the best way out of the crisis. SOUNDBITE: (English ) "United States has not made any demands on Korea. The United States' role is to cooperate with Korea in support of policy adjustment based on strong conditions as negotiated with the I-M-F." SUPERCAPTION: Lawrence Summers, U-S Deputy Treasury Secretary U-S Defence Secretary William Cohen, who is also on a tour of the region, added his voice of support for the personal commitment President Suharto is giving to his country's reforms. Bowing to international pressure, Suharto agreed to reforms that will hurt the interests of his super-rich family and friends and risk angering the poor. SOUNDBITE: "There is always a danger of course when you have these kinds of reforms that require a good deal of sacrifice and hardship that it could turn negative as well. So it's going to take strong leadership and an indication that the international community is committed to helping Indonesia. SUPER CAPTION: William Cohen, U-S Defence Secretary The rupiah has dropped almost 20 percent since Suharto signed the reform deal Thursday morning with the I-M-F, sponsor of an earlier dollars 40 (b) billion bailout package. Markets throughout the region continued to be volatile. Hong Kong shares capped a rollercoaster week with a 321-point, or 3.7 percent, rise on Friday. The market crashed to a near three-year low on Monday, recovered on Tuesday and Wednesday only to plunge again on Thursday. Overall, the index gained 0.06 percent on the week. Investors said they didn't expect the market to stabilise anytime soon, but this lack of confidence has driven up interest rates, which in turn has squeezed the already low property market. SOUNDBITE: (English) "I think the short term impact has been over and the worst has gone away but for the longer term, because developers need to sell their stock in return for cash for the investment because interest rates are staying high, they need more cash flow for their future development in order to reduce their interest cost. So I think the property prices may be decreased by 10 to 15 percent more before it hits the bottom." SUPER CAPTION: Kenny Tang, Research Manager, C.A Pacific Group However, amid the recent instability in the Asian markets, there is more gloom on the horizon with rumours that the airline, Cathay Pacific will shed 300 jobs in Hong Kong on Friday. More jobs are expected to go in it's global operations. Prices on the Tokyo Stock Exchange surged on expectations of further government measures to stimulate Japan's faltering economy. SOUNDBITE: (Japanese) You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1998-01-16
기록유형동영상
기록형태영상클립
주제IMF협상
연관링크https://youtu.be/fXquKRXarrY
식별번호KC-R-05374
제목ASIA: US AND IMF ATTEMPTS TO STEM ASIA FINANCIAL CRISIS
설명Following whirlwind efforts by U-S and I-M-F officials to stem Asia's financial crisis, stocks markets in Hong Kong and Tokyo surged on Friday. But South Korean shares fell after a week of gains. In Seoul, U-S President Bill Clinton's designated Asian financial troubleshooter asked South Korean leaders for more reforms to nurse the world's 11th largest economy back to health. U-S Deputy Treasury Secretary Lawrence Summers was in Seoul as part of a six-nation tour of Asia's troubled economies. His first meeting was with the President-elect Kim Dae-jung on Friday. Summers also met with the outgoing President Kim Young-sam and received assurances from him that South Korea would abide by terms of a U-S 57 billion dollar International Monetary Fund bailout. But Kim also requested help in deferring South Korea's U-S 92 billion dollars in international short-term debt. Summers said he hoped many further reforms, including a restructuring of the financial industry, would be made during the remainder of President Kim's term. But he stressed continued cooperation was the best way out of the crisis. SOUNDBITE: (English ) "United States has not made any demands on Korea. The United States' role is to cooperate with Korea in support of policy adjustment based on strong conditions as negotiated with the I-M-F." SUPERCAPTION: Lawrence Summers, U-S Deputy Treasury Secretary U-S Defence Secretary William Cohen, who is also on a tour of the region, added his voice of support for the personal commitment President Suharto is giving to his country's reforms. Bowing to international pressure, Suharto agreed to reforms that will hurt the interests of his super-rich family and friends and risk angering the poor. SOUNDBITE: "There is always a danger of course when you have these kinds of reforms that require a good deal of sacrifice and hardship that it could turn negative as well. So it's going to take strong leadership and an indication that the international community is committed to helping Indonesia. SUPER CAPTION: William Cohen, U-S Defence Secretary The rupiah has dropped almost 20 percent since Suharto signed the reform deal Thursday morning with the I-M-F, sponsor of an earlier dollars 40 (b) billion bailout package. Markets throughout the region continued to be volatile. Hong Kong shares capped a rollercoaster week with a 321-point, or 3.7 percent, rise on Friday. The market crashed to a near three-year low on Monday, recovered on Tuesday and Wednesday only to plunge again on Thursday. Overall, the index gained 0.06 percent on the week. Investors said they didn't expect the market to stabilise anytime soon, but this lack of confidence has driven up interest rates, which in turn has squeezed the already low property market. SOUNDBITE: (English) "I think the short term impact has been over and the worst has gone away but for the longer term, because developers need to sell their stock in return for cash for the investment because interest rates are staying high, they need more cash flow for their future development in order to reduce their interest cost. So I think the property prices may be decreased by 10 to 15 percent more before it hits the bottom." SUPER CAPTION: Kenny Tang, Research Manager, C.A Pacific Group However, amid the recent instability in the Asian markets, there is more gloom on the horizon with rumours that the airline, Cathay Pacific will shed 300 jobs in Hong Kong on Friday. More jobs are expected to go in it's global operations. Prices on the Tokyo Stock Exchange surged on expectations of further government measures to stimulate Japan's faltering economy. SOUNDBITE: (Japanese) You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1998-01-16
언어영어
출처youtube
연관링크https://youtu.be/fXquKRXarrY
기록유형동영상
기록형태영상클립
대주제IMF협상
소주제아시아금융위기
자원유형기록
공유하기
의견남기기
