Voice of America, 97-11-03

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

CONTENTS

[01] BALKANS SUMMIT (L-ONLY) BY ANTHEE CARASSAVA (CRETE)

[02] E EURO GROWTH (L-ONLY) BY BARRY WOOD (WASHINGTON)

[03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

[04] MONDAY'S HEADLINES BY ANDREW N. GUTHRIE (WASHINGTON)

[05] NY ECON WRAP (L) BY JOE CHAPMAN (NEW YORK)

[01] BALKANS SUMMIT (L-ONLY) BY ANTHEE CARASSAVA (CRETE)

INTRO: BALKAN LEADERS MONDAY BEGAN A LANDMARK COOPERATION SUMMIT ON THE GREEK ISLAND OF CRETE. ANTHEE CARASSAVA REPORTS, HOWEVER, THAT SUCCESS OF THE SUMMIT WHICH ENDS TUESDAY HINGES ON THE OUTCOME OF A HISTORIC MEETING BETWEEN THE PRIME MINISTERS OF GREECE AND TURKEY.

TEXT: MEETING AT A SEASIDE RESORT ON THE HOLIDAY ISLAND OF CRETE, SEVEN BALKAN LEADERS AND A SENIOR BOSNIAN OFFICIAL ARE STRUGGLING TO FIND WAYS TO BOLSTER FINANCIAL COOPERATION AND SECURITY IN A REGION RIDDLED WITH ETHNIC FEUDS AND HATREDS.

IT IS THE FIRST SUCH GET-TOGETHER SINCE THE YUGOSLAV FEDERATION CRUMBLED IN 1992 WITH THE FALL OF COMMUNISM, SPARKING THE ETHNIC BLOODSHED WHICH HAS SINCE MARRED THE TROUBLED BALKANS.

DIPLOMATS SAY THE LEADERS ARE SET TO PRODUCE A JOINT DECLARATION PRESENTING WHAT THEY CALL A NEW, MORE COSMOPOLITAN, EUROPEAN FACE FOR THE BALKANS.

ATHENS HOPES THE TWO-DAY LANDMARK SUMMIT WILL PROMOTE ITS AMBITION TO BECOME A REGIONAL PEACE-MAKER AND A SPRINGBOARD FOR OUTSIDE INVESTMENTS IN THE NEWLY-EMERGING BALKANS MARKET.

ONE OF THE SUMMIT'S HIGHLIGHTS IS THE ANTICIPATED MEETING BETWEEN YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC AND ALBANIA'S NEWLY-ELECTED PRIME MINISTER, FATOS NANO. IT WILL BE THE FIRST SUCH HIGH-LEVEL TALKS BETWEEN LEADERS OF THE TWO COUNTRIES IN MORE THAN 50 YEARS. GREEK DIPLOMATS SAY ATTENTION WILL BE PLACED ON THE GROWING ETHNIC TENSION IN THE SERB REGION OF KOSOVO, WHERE ALBANIANS FORM THE MAJORITY.

BUT SUCCESS OR FAILURE OF THE CRETE SUMMIT HANGS ON ONE DECISIVE MEETING -- THAT BETWEEN GREEK PRIME MINISTER COSTAS SIMITIS AND HIS TURKISH COUNTERPART MESUT YILMAZ (EDS: SCHEDULED TO BEGIN 18 HRS UTC) -- THEIR FIRST FACE-TO-FACE TALKS SINCE THEIR COUNTRIES CAME CLOSE TO WAR LAST YEAR OVER A GROUP OF BARREN ISLES INHABITED ONLY BY GOATS AND SHEEP.

THOUGH BOTH ARE NATO ALLIES, GREECE AND TURKEY HAVE BEEN AT ODDS FOR YEARS OVER A STRING OF ISSUES RANGING FROM OIL AND MINERAL RIGHTS IN THE AEGEAN SEA TO THE 23-YEAR-OLD DISPUTE OF WAR-DIVIDED CYPRUS. BUT IN RECENT WEEKS, TENSION HAS MOUNTED WITH GREECE ACCUSING TURKEY OF WAGING NUMEROUS AIRSPACE VIOLATIONS AND ANKARA THREATENING TO USE MILITARY ACTION, IF CYPRUS PURCHASES A CONTROVERSIAL DEFENSE SYSTEM.

[02] E EURO GROWTH (L-ONLY) BY BARRY WOOD (WASHINGTON)

INTRO: THE ECONOMIES OF EASTERN EUROPE AND THE FORMER SOVIET UNION ARE PROJECTED TO BE GROWING OVERALL AT A NEARLY TWO PERCENT RATE WITH THE PROSPECT OF HIGHER GROWTH IN 1998. V-O-A'S BARRY WOOD REPORTS ON THE ANNUAL TRANSITION REPORT ISSUED BY THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT.

TEXT: THE E-B-R-D FINDS THAT 11 OF THE 26 ECONOMIES IN THE FORMER EAST BLOC ARE NOW GROWING AT ANNUAL RATES OF FOUR PERCENT OR MORE. SIX YEARS INTO THE TRANSITION TO A MARKET ECONOMY, 1997 IS THE FIRST YEAR IN WHICH THERE IS ACTUALLY GROWTH IN RUSSIA, THE BIGGEST OF THE TRANSITION COUNTRIES.

BUT THE LONDON-BASED BANK FINDS THAT GROWTH IN THE REGION IS UNEVEN, WITH SOME ECONOMIES GROWING FAST AND OTHERS STILL DECLINING. THE BANK SAYS COUNTRIES THAT HAVE REFORMED MOST VIGOROUSLY HAVE RECOVERED FROM THE TRANSFORMATION RECESSION MORE RAPIDLY AND ATTRACTED MORE FOREIGN INVESTMENT. THE BANK SAYS THE NEXT PHASE OF TRANSITION IS TO CREATE A WELL FUNCTIONING, STABLE MARKET ECONOMY. GOOD GOVERNANCE (EDS: ABSENCE OF CORRUPTION) IS IDENTIFIED AS A CRUCIAL ELEMENT.

THE BEST PERFORMING ECONOMIES THIS YEAR HAVE BEEN POLAND (5.5% GROWTH), HUNGARY (3%), ESTONIA (7%) AND GEORGIA (10.5%). THE WORST PERFORMERS HAVE BEEN ALBANIA (-15%) AND TURKMENISTAN (-15%).

JAN VANOUS, WHO IS NOT ASSOCIATED WITH THE E-B-R-D BUT IS A CLOSE OBSERVER OF EASTERN EUROPE AS HEAD OF A WASHINGTON THINK-TANK (EDS: PLANECON) SAYS HUNGARY AND POLAND HAVE BEEN ECONOMIC SUCCESS STORIES OVER THE LAST FEW YEARS.

I WOULD SAY THAT POLAND AND HUNGARY ARE PLEASANT SURPRISES. POLAND BECAUSE HISTORICALLY OTHER EAST EUROPEANS USED TO LOOK DOWN ON POLAND, EVEN THOUGH IT IS THE LARGEST EAST EUROPEAN ECONOMY--LARGER THAN HUNGARY, SLOVAKIA, CZECH REPUBLIC AND SLOVENIA COMBINED. IT'S BEEN VIEWED AS A BIT OF A BASKET CASE. BUT IF YOU LOOK AT THE LAST SIX TO SEVEN YEARS, GROWTH HAS BEEN IMPRESSIVE. THE POLES HAVE MADE A LOT OF PROGRESS IN RESTRUCTURING INDUSTRY. AND IT IS BEGINNING TO LOOK LIKE, SAY, THE BRAZIL OF EASTERN EUROPE.

THE EUROPEAN BANK SAYS WITHIN EASTERN EUROPE AND THE FORMER SOVIET UNION THE PACE OF REFORM THIS YEAR HAS BEEN IMPRESSIVE IN AZERBAIJAN, BULGARIA, GEORGIA AND ROMANIA. BACKSLIDING HAS BEEN EVIDENT IN BELARUS, SLOVAKIA, AND UZBEKISTAN. WHILE THE BANK SAYS REFORM CAME TO A STANDSTILL IN UKRAINE AND ALBANIA. RUSSIA IS LISTED AS A SIGNIFICANT TURNAROUND AND LIKELY TO REGISTER GROWTH (1%) IN 1997 FOR THE FIRST TIME IN SEVEN YEARS. THE BANK SAYS WITH ECONOMIC PROGRESS HAS COME SOME NEGATIVE TRENDS LIKE SHARP RISES IN INCOME INEQUALITY AND POVERTY. NEB//BDW/WFR
03-Nov-97 4:44 PM EST (2144 UTC)
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Source: Voice of America

[03] EURO STOCKS (S-ONLY) BY PAUL FRANCUCH (LONDON)

INTRO: THE MAJOR STOCK MARKETS OF WESTERN EUROPE APPEARED TO HAVE STAGED A MAJOR RECOVERY FROM THE ERRATIC SWINGS OF LAST WEEK. PAUL FRANCUCH HAS THE CLOSING FIGURES FROM OUR LONDON BUREAU.

TEXT: FRANKFURT, LONDON AND PARIS ALL CLOSED HIGHER MONDAY, BUT SEVERAL MARKET ANALYSTS WERE SAYING PRICE SWINGS MAY CONTINUE TO BE THE ORDER OVER THE COMING DAYS AND WEEKS.

BUT AS THIS TRADING WEEK STARTED, FIGURES WERE BULLISH.

IN FRANKFURT, THE KEY "DAX 30" STOCK INDEX CLOSED UP 127 POINTS A VALUE GAIN OF ALMOST THREE-AND-A-HALF PERCENT. PARIS AND LONDON'S GAINS WERE A LITTLE LESS THAN TWO PERCENT FOR THE DAY. THE "CAC 40" INDEX OF FRENCH STOCKS GAINED 49 POINTS AND THE "FINANCIAL TIMES" 100 INDEX WAS UP 64.

THE U-S DOLLAR REMAINED VIRTUALLY UNCHANGED AGAINST THE BRITISH POUND AND THE GERMAN MARK.

GOLD IN LONDON CLOSED AT 314 DOLLARS AN OUNCE -- A GAIN OF TWO-AND-A-HALF DOLLARS FROM TRADING ON FRIDAY. (SIGNED)
NEB/PCF/RRM
03-Nov-97 1:45 PM EST (1845 UTC)
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Source: Voice of America

[04] MONDAY'S HEADLINES BY ANDREW N. GUTHRIE (WASHINGTON)

INTRO: SOME OF THE NATION'S LEADING NEWSPAPERS ARE COMMENTING ON A WIDE ARRAY OF TOPICS THIS FIRST MONDAY IN NOVEMBER. THE VISIT OF CHINA'S PRESIDENT JIANG CONTINUES TO DRAW COMMENT, AS DOES THE REALIGNMENT OF NATO.

OTHER TOPICS UNDER DISCUSSION TODAY INCLUDE THE APPARENT DEATH OF THE MARS SPACE PROBE; THE PENTAGON'S REACTION TO THE LATEST REPORT ON GULF WAR SYNDROME; PRESS HARASSMENT IN PERU AND A NEW WOMAN PRESIDENT IN IRELAND. NOW, HERE WITH A FEW QUOTES AND A CLOSER LOOK IS ____________________- AND TODAY'S EDITORIAL DIGEST.

TEXT: THE VISIT OF CHINA'S PRESIDENT, IN WHAT "THE BOSTON GLOBE" IS CALLING -- THE MOST IMPORTANT SUMMIT OF THE CLINTON PRESIDENCY, DRAWS SOME SHARP COMMENTS ABOUT THE U-S PRESIDENT'S PERFORMANCE FROM "THE NEW YORK POST".

VOICE: PRESIDENT CLINTON'S LACK OF INTEREST IN FOREIGN AFFAIRS IS NO SECRET, BUT IT'S A DISCONCERTING ATTITUDE WHEN FOREIGN LEADERS COME TO CALL. ..... LAST WEEK'S MEETING WAS, POTENTIALLY, OF GREAT POLITICAL AND ECONOMIC SIGNIFICANCE. BUT THERE'S SCANT EVIDENCE THAT [PRESIDENT] CLINTON USED THE VISIT AS ANYTHING OTHER THAN A PLATFORM TO PUMMEL [PRESIDENT] JIANG FOR DOMESTIC POLITICAL CONSUMPTION -- AND AS A PHOTO OPPORTUNITY FOR HIMSELF. THE TWO SPENT SCARCELY AN HOUR AND A HALF FACE-TO-FACE -- A SHARP CONTRAST TO THE GRUELING FIVE-AND-SIX-HOUR SESSIONS IN WHICH PRESIDENT NIXON AND HIS KEY ADVISERS PERSONALLY PARTICIPATED DURING THEIR HISTORIC 1972 VISIT TO BEIJING. ... THE SUMMIT WAS MEANT TO FOSTER U-S-SINO RELATIONS INTO THE NEXT CENTURY. WE SUSPECT IT WASN'T NEARLY AS SUCCESSFUL AS IT SHOULD HAVE BEEN.

TEXT: TODAY'S "WASHINGTON POST" WONDERS HOW THE NEW GOVERNMENT IN POLAND WILL FIT IN WITH THAT NATION'S EXPECTED ENTRY INTO NATO WITHIN THE NEXT FEW YEARS, AND DECIDES IT WILL DO WELL.

VOICE: DEBATE ON NATO EXPANSION IS MOVING AHEAD SMOOTHLY IN THE U-S SENATE. MANY SENATORS, WHO LIKELY WILL VOTE ON THE MATTER EARLY NEXT YEAR, ASK TOUGH AND LEGITIMATE QUESTIONS -- ABOUT COST, PURPOSE, BURDEN-SHARING AND MORE. BUT MOST ALSO SEEM TO HAVE A SOLID UNDERSTANDING OF THE GRAVITY AND IMPORTANCE OF WELCOMING NEW DEMOCRACIES INTO THE WESTERN SECURITY ALLIANCE. THE ODDS SEEM GOOD THAT POLAND, HUNGARY AND THE CZECH REPUBLIC WILL JOIN. IN THAT CONTEXT, WHAT HAPPENS INSIDE POLAND, IN ANY CASE A KEY TO EUROPEAN STABILITY, TAKES ON GREATER-THAN-EVER IMPORTANCE IN WASHINGTON ... THE UNDERLYING QUESTION [AS REGARDS THE NEW COALITION GOVERNMENT] WAS HOW TRUE POLAND WOULD STAY TO ITS CHOSEN PATH OF FREE-MARKET REFORM AND INTEGRATION INTO NATO AND THE EUROPEAN UNION. ... THE NEW PRIME MINISTER, JERZY BUZEK ... WILL BE JOINED BY ... EXPERIENCED AND WELL-RESPECTED DEFENSE AND FOREIGN MINISTERS ... A GOVERNMENT WITH WHICH POLAND'S NEW ALLIES CAN WORK COMFORTABLY.

TEXT: THE MARS SOJOURNER, THE LITTLE HIGH TECHNOLOGY TRUCK THAT SENT BACK THOSE SPECTACULAR PICTURES OF THE MARTIAN LANDSCAPE HAS APPARENTLY ENDED ITS PRODUCTIVE LIFE. SCIENTISTS SAY ITS PARTNER, THE PATHFINDER LANDER MAY HAVE DIED IN THE FIERCELY COLD MARTIAN CLIMATE, CAUSING "THE LOS ANGELES TIMES" TO LAMENT THE END OF THE EXPERIMENT BUT PRAISE ITS ACHIEVEMENTS.

VOICE: TRUE TO ITS NAME, THE MISSION HAS FOUND MANY PATHS TO NEW SCIENTIFIC KNOWLEDGE:FROM CHEMICAL SIGNATURES MATCHING THOSE IN A MARTIAN METEORITE FOUND NEAR EARTH'S SOUTH POLE TO REMNANTS OF ONCE-SWIRLING RIVERS AND A HOT IRON MARTIAN CORE, SUGGESTING THE PLANET MAY ONCE HAVE BEEN WARM AND WET ENOUGH TO FOSTER LIFE. LAST BUT NOT LEAST, THE PROBES ALLOWED EARTHLINGS ... TO TRAVEL 170-MILLION MILES FROM HOME AND GET A SENSE OF WHAT IT WOULD BE LIKE TO STAND ON A MARTIAN DUNE AND WATCH A MARTIAN SUNSET. IT WAS A WILD, THRILLING RIDE.

TEXT: THE PENTAGON'S RESPONSE TO THE ON-GOING CLAIMS OF GULF WAR VETERANS THAT THEY WERE SICKENED BY SOMETHING DURING THAT ACTION IS SHARPLY CRITICIZED IN MONDAY'S "NEW YORK TIMES" LEAD EDITORIAL, DUE TO A PAIR OF NEW STUDIES.

VOICE: TWO INDEPENDENT REVIEWS OF THE GOVERNMENT'S HANDLING OF PERSIAN GULF WAR ILLNESS HAVE NOW MADE IT INESCAPABLY CLEAR THAT THE PENTAGON IS TOO BIASED TO CONDUCT A CREDIBLE INVESTIGATION. EVEN AFTER WHAT APPEAR TO BE GENUINE EFFORTS TO EXPAND AND UPGRADE ITS INQUIRY, THE PENTAGON -- IN THE VIEW OF A PRESIDENTIAL PANEL AND A HOUSE COMMITTEE -- REMAINS SO BLINDLY CONVINCED THAT CHEMICAL WEAPONS EXPOSURES ARE OF LITTLE IMPORT THAT IT CANNOT SEEM TO CONDUCT A HARD-DIGGING INQUIRY. ... THE ONLY WAY OUT OF THIS DEEPENING MESS IS FOR THE PRESIDENT TO PUT AN INDEPENDENT AGENCY IN CHARGE OF THE INQUIRY. IF THE WHITE HOUSE FAILS TO ACT, CONGRESS WILL NEED TO STEP IN WITH LEGISLATION MANDATING THAT A MORE CREDIBLE BODY BE PUT IN CONTROL. ... [OPT] ... ON A HIGHLY EMOTIONAL ISSUE INVOLVING SICK VETERANS, IT IS CRUCIAL THAT THE INVESTIGATION BE DILIGENT AND SCRUPULOUSLY FAIR. ... THE PENTAGON HAS FORFEITED ITS RIGHT TO REMAIN IN CHARGE.

TEXT: PERU'S PRESIDENT ALBERTO FUJIMORI HAS BECOME EMBROILED IN A NASTY FREEDOM OF THE PRESS FIGHT IN LIMA, AND "THE WASHINGTON POST" IS CHIDING HIS LATEST ACTIONS.

VOICE: THE LONG-THREATENED LOSS OF HIS PERUVIAN NATIONALITY AND SEIZURE OF HIS PROPERTY NOW HAVE BEFALLEN BARUCH IVCHER, MAJORITY SHAREHOLDER OF LIMA'S POPULAR AND GUTSY CHANNEL TWO. THUS HAS PRESIDENT ALBERTO FUJIMORI MADE A MOCKERY OF HIS DEMOCRATIC PRETENSES AND BROUGHT INTERNATIONAL OBLOQUY UPON PERU. MR. IVCHER['S] ... TELEVISION STATION, THE COUNTRY'S LEADING INVESTIGATIVE VOICE, PRODUCED A SUCCESSION OF SHOCKING (AND UNREBUTTED) STORIES ABOUT OFFICIAL CORRUPTION AND ABUSE OF POWER. ... CAUGHT IN A SQUEEZE BETWEEN THE MEDIA AND THE SECURITY FORCES, MR. FUJIMORI REACHED FAR BEYOND LEGAL PROPRIETY TO REVOKE THE ISRAELI-BORN MR. IVCHER'S 13-YEAR PERUVIAN NATIONALITY AND TO CONFISCATE HIS STATION.

TEXT: LASTLY, SOME COMMENTS FROM "THE SUN" IN BALTIMORE ABOUT IRELAND'S NEW WOMAN PRESIDENT, MARY MCALEESE, WHO WAS BORN AND RAISED IN NORTHERN IRELAND, BUT WHO NOW LEADS THE IRISH REPUBLIC IN DUBLIN.

VOICE: HER ELECTION IS EVIDENCE THAT THE PEOPLE OF THE REPUBLIC ARE MORE READY THAN EVER FOR INCLUSION. BUT IT DOES NOT BRING POLITICAL UNITY OF THE ISLAND CLOSER AND, INDEED, CAN BE TAKEN AS PROVOCATIVE BY THE MAJORITY IN NORTHERN IRELAND, WHO CONSIDER THEMSELVES BRITISH. ... PRESIDENT-ELECT MCALEESE NOW HAS AN OBLIGATION TO DO EVERYTHING POSSIBLE WITHIN THE CONSTRAINTS OF HER OFFICE TO HELP MAKE PEACE TALKS SUCCEED. SHE MIGHT PROVE OUTSTANDING AT IT."

TEXT: THAT CONCLUDES THIS BRIEF SAMPLING OF EDITORIALS FROM TODAY'S U-S PAPERS.
NEB/ANG/ RAE
03-Nov-97 10:34 AM EST (1534 UTC)
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Source: Voice of America

[05] NY ECON WRAP (L) BY JOE CHAPMAN (NEW YORK)

INTRO: AMERICAN STOCK PRICES MOVED UP SHARPLY TODAY (MONDAY) IN THE WAKE OF GOOD NEWS FROM OTHER WORLD MARKETS. V-O-A'S JOE CHAPMAN HAS THIS REPORT FROM NEW YORK.

TEXT: LED BY HIGH TECHNOLOGY STOCKS, THE WIDELY FOLLOWED DOW JONES INDUSTRIAL AVERAGE ROSE 232 POINTS. THE MORE REPRESENTATIVE STANDARD AND POOR 500 INDEX WAS UP 24 POINTS.

ANALYSTS SAY BUYERS SURGED INTO U-S STOCK MARKETS AFTER WHAT SEEMS TO BE A GENERAL RECOVERY ON OTHER EXCHANGES AROUND THE WORLD, ESPECIALLY ASIA.

ONE ANALYST, HENRIK STRABO OF AMERICAN CENTURY INVESTMENT MANAGEMENT, SAYS PRICES HAVE FALLEN SO FAR ON ASIAN MARKETS THAT ALMOST ANY PIECE OF GOOD NEWS CAN SPARK A RALLY.

THESE MARKETS HAVE COME DOWN A LONG WAY. SOME OF THE MARKETS ARE DOWN MORE THAN 65 PERCENT YEAR TO DATE IN DOLLAR TERMS SO ANY SORT OF GOOD NEWS CAN SPARK A QUICK RALLY.

ANALYSTS SAY ENCOURAGING NEWS FROM WASHINGTON LATE IN THE TRADING DAY ALSO PUSHED STOCKS HIGHER. GOVERNMENT REPORTS INDICATE U-S MANUFACTURING INDUSTRIES BOUNCED BACK IN OCTOBER AFTER A DIP IN SEPTEMBER. CONSUMERS ARE SAID, HOWEVER, TO BE SPENDING MORE CAUTIOUSLY AND BUILDING ACTIVITY DROPPED SLIGHTLY. OVERALL, ANALYSTS SAY THE INDICATORS SUGGEST THE UNITED STATES CAN LOOK FOR STEADY ECONOMIC GROWTH THROUGH AT LEAST THE END OF THE YEAR. THERE IS SOME APPREHENSION ABOUT VOILATILE STOCK MARKET PRICES AND PROBLEMS ON ASIAN MARKETS.

BOEING AIRCRAFT ANNOUNCED AS EXPECTED IT WILL CUT OPERATING COSTS BY PHASING OUT THE MD-80 AND MD-90 AIRCRAFT, WHICH IT ACQUIRED THREE MONTHS AGO WITH THE MCDONNELL DOUGLAS COMPANY. BOEING SAYS IT IS MOVING TO DEAL WITH BOTH PRODUCTION AND COST PROBLEMS FROM THAT TRANSACTION. (SIGNED)
NEB/NY/JMC/PT
03-Nov-97 5:18 PM EST (2218 UTC)
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Source: Voice of America

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