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Voice of America, 98-12-29Voice of America: Selected Articles Directory - Previous Article - Next ArticleFrom: The Voice of America <gopher://gopher.voa.gov>CONTENTS
[01] CYPRUS MISSILES (L-ONLY) BY CHRIS DRAKE (NICOSIA)DATE=12/29/98TYPE=CORRESPONDENT REPORT NUMBER=2-243609 CONTENT= VOICED AT: INTRO: THE CYPRUS GOVERNMENT HAS ANNOUNCED THAT THE CONTROVERSIAL RUSSIAN-MADE S-300 MISSILE DEFENSE SYSTEM WILL NOT BE DEPLOYED ON THE DIVIDED MEDITERRANEAN ISLAND AS PLANNED -- BUT INSTEAD SENT TO THE GREEK ISLAND OF CRETE MORE THAN 900 KILOMETERS AWAY. THE ANNOUNCEMENT WAS MADE AFTER A MEETING BETWEEN PRESIDENT GLAFCOS CLERIDES AND THE LEADERS OF THE GREEK CYPRIOT POLITICAL PARTIES IN NICOSIA. EARLIER, THE PRESIDENT HAILED TALKS WITH GREEK PRIME MINISTER COSTAS SIMITIS IN ATHENS TO FINALIZE THE ARRANGEMENTS. THE DECISION APPARENTLY LIFTS THE THREAT OF MILITARY ACTION BY TURKEY. TURKISH TROOPS HAVE OCCUPIED NORTHERN CYPRUS SINCE!1974 AND ANKARA HAD VOWED TO DESTROY THE MISSILE SYSTEM IF IT WERE INSTALLED ON THE OTHER SIDE OF THE ISLAND. CHRIS DRAKE REPORTS FROM NICOSIA. TEXT: QUITE APART FROM THE CONCERTED INTERNATIONAL OPPOSITION TO THE DEPLOYMENT -- LED BY THE UNITED STATES AND BRITAIN -- THERE WAS REALLY LITTLE THAT THE CYPRIOT GOVERNMENT COULD DO WITHOUT THE SUPPORT OF ITS CLOSEST ALLY, GREECE. HAVING SIGNED A DEFENSE PACT TOGETHER BACK IN 1993, ITS ONLY CHANCE WAS TO SATISFY PRIME MINISTER SIMITIS AND HIS CABINET THAT TAKING DELIVERY OF THE MISSILES WOULD BE A GOOD IDEA. THE GREEK GOVERNMENT DIDN'T THINK SO -- UNDERSTANDABLY CONCERNED ABOUT THE POSSIBILITY OF HOSTILITIES WITH TURKEY, AND NOT CONVINCED EITHER THAT THIS ROUTE IS GOING TO HELP SOLVE THE CYPRUS PROBLEM. INEVITABLY, THE DECISION IS REGARDED BY GREEK CYPRIOTS WITH MIXED FEELINGS: HUMILIATION AND DEFEAT AT HAVING TO GIVE IN, A SENSE OF RELIEF AT THE REDUCTION IN TENSION, AND JUST POSSIBLE SLIGHT OPTIMISM THAT THE UNITED NATIONS AND MAJOR POWERS HAVE PROMISED A RENEWED ATTEMPT TO HELP THEM. PRESIDENT CLERIDES FACED SOME TOUGH CRITICISM FROM OPPOSING POLITICAL PARTIES, AND HAD TO MAKE THE DECISION PERSONALLY AFTER OTHER LEADERS FAILED TO COME TO A UNANIMOUS AGREEMENT. HIS CRITICS NOTE THAT HUNDREDS!OF MILLIONS OF DOLLARS WERE SPEOT ON UHE SYSTEM AND NOW IT WILL BE SENT TO CRETE. THAT ISLAND IN THE AEGEAN SEA HAS BEEN SELECTED BECAUSE IT IS
FROM THERE THAT GREEK FIGHTER PLANES WOULD FLY THE 950 KILOMETERS
TO THE AID OF GREEK CYPRIOTS SHOULD TURKEY ATTACK. BUT WITH A
MAXIMUM RANGE OF ABOUT 145 KILOMETERS, THE MISSILES THEMSELVES
WILL POSE NO THREAT TO TURKISH JETS, WHICH ARE BASED JUST A FEW
MINUTES FLYING TIME FROM CYPRUS.
[02] EURO / ASIA BY AMY BICKERS (HONG KONG)DATE=12/29/98TYPE=BACKGROUND REPORT NUMBER=5-432248 CONTENT= VOICED AT: INTRO: ON JANUARY FIRST, 11 EUROPEAN COUNTRIES WILL UNITE THEIR CURRENCIES INTO A SINGLE CURRENCY UNIT CALLED THE EURO. FROM HONG KONG, AMY BICKERS REPORTS ON HOW THE MOVE WILL AFFECT TRADE BETWEEN EUROPE AND ASIA. TEXT: THE LAUNCH OF THE SINGLE EUROPEAN CURRENCY IS LESS THAN ONE WEEK AWAY AND ITS AN EVENT FOR WHICH ASIAN BUSINESSES ARE PREPARING. THE SWITCH IS EXPECTED TO AFFECT BUSINESSES OF MANY SIZES -- FROM LARGE ASIAN-BASED MULTINATIONALS TO SMALL FAMILY-OWNED ENTERPRISES. IN SHORT, THE EURO'S IMPACT WILL BE FELT BY ALL COMPANIES THAT TRADE OR INVEST IN EUROPE. MANY OF THESE FIRMS WILL SOON SETTLE PAYMENTS IN EUROS, INSTEAD OF THE U-S DOLLAR. INITIALLY, THE EURO WILL ONLY BE USED FOR ELECTRONIC SETTLEMENT OF PAYMENTS, FOR FOREIGN EXCHANGE AND FOR NEW PUBLIC DEBT ISSUES. GRADUALLY, IT WILL BECOME THE CURRENCY OF CHOICE FOR MOST EUROPEAN CORPORATIONS. IN THE YEAR 2002, EURO COINS AND BANKNOTES WILL HIT THE STREETS. EUROPEAN BANKERS SAY A STRONG EURO WILL INCREASE OPPORTUNITIES FOR ASIAN EXPORTS IN EUROPE. EDWARD LEUNG -- CHIEF ECONOMIST FOR HONG KONG'S TRADE DEVELOPMENT COUNCIL -- SAYS A UNIFIED EUROPEAN CURRENCY COULD MAKE IT EASIER FOR ASIAN COMPANIES TO TRADE WITH EUROPE BECAUSE IT IS LIKELY TO CREATE MORE STABILITY IN THE FOREIGN EXCHANGE MARKETS. BUT HE SAYS, AT PRESENT, MANY ASIAN BUSINESS PEOPLE FEEL MOST COMFORTABLE WITH THE DOLLAR. /// LEUNG ACTUALITY ///AT THE MOMENT THEY ARE STILL MORE INCLINED TO USE THE U-S DOLLAR, BUT INCREASINGLY!THEY WILL SHIFT TO THE EURO WHEN THEY DEAL WITH EUROPEAN TRADERS. /// END ACTUALITY ///MIRON MUSHKAT -- A STRATEGIST WITH INDOCAM ASIA ASSET MANAGEMENT SAYS THE EURO WILL GIVE ASIAN FIRMS GREATER ACCESS TO THE EUROPEAN GOODS AND SERVICES MARKETS. HE PREDICTS IT WILL LOWER TRANSACTION COSTS FOR ASIAN EXPORTERS. BUT, LIKE MR. LEUNG, HE SAYS ASIAN COMPANIES WILL NEED TIME TO ADJUST. /// MUSHKAT ACTUALITY///THE EURO IS A NEW FACTOR ON THE ASIAN AGENDA. I THINK THERE IS LIKELY TO BE A WAIT-AND-SEE ATTITUDE TOWARDS THE EURO. BUT, OF COURSE IT PROVIDES ASIA WITH AN OPPORTUNITY, TO THE EXTENT THAT IT EASIER TO DO BUSINESS WITH EUROPE AND IT WILL BE A MORE-OPEN ECONOMIC ARENA, AND AN ARENA FOR TRADE. /// END ACTUALITY ///THE EURO'S DEBUT COMES AT A DIFFICULT TIME FOR ASIAN COMPANIES. MANY ARE STRUGGLING WITH THE ECONOMIC CRISIS THAT HAS GRIPPED ASIA FOR 18 MONTHS. THEY ARE ALSO DEALING WITH YEAR-2000 ISSUES, TO ENSURE COMPUTER SYSTEM RUN SMOOTHLY AT THE TURN OF THE CENTURY. WHILE THE EURO MEANS ASIAN FIRMS HAVE ANOTHER CHANGE TO COPE WITH, ECONOMIST ENZIO VON PFEIL OF CLARION SECURITIES SAYS IT COULD ALSO GIVE THEM A COMPETITIVE EDGE. /// VON PFEIL ACTUALITY ///YOU WILL FIND THAT THE DOLLAR WEAKENS A BIT AGAINST THE EURO SO IT WILL DRAG DOWN SOME OF THE ASIAN CURRENCIES WHICH IN EFFECT ARE LINKED TO THE DOLLAR. SO THAT MIGHT HELP A LITTLE BIT ON EXPORT COMPETITIVENESS. IT MAY PUT A GROUND FLOOR UNDER INFLATION RATES. // END ACTUALITY ///MANY ASIAN COMPANIES STAND TO BENEFIT IN ANOTHER WAY AS WELL: THE
CREATION OF A SEVEN-TRILLION DOLLAR EURO BOND MARKET IS EXPECTED
TO OPEN NEW FINANCING AND INVESTMENT OPPORTUNITIES AT A TIME
WHEN THEY ARE SORELY NEEDED IN ASIA. (SIGNED)
[03] EURO / BRITAIN (PART ONE) BY LAURIE KASSMAN (LONDON)DATE=12/29/98TYPE=BACKGROUND REPORT NUMBER=5-42251 CONTENT= VOICED AT: /////INTRO: BANKS AND CURRENCY MARKETS BASED IN LONDON ARE WORKING OVERTIME TO PREPARE FOR "E" DAY -- THE JANUARY FIRST LAUNCH OF THE EUROPEAN UNION'S SINGLE CURRENCY. ONLY 11 E-U MEMBERS HAVE SIGNED ON. BRITAIN IS NOT ONE OF THEM. BUT, AS WE HEAR FROM CORRESPONDENT LAURIE KASSMAN IN LONDON THAT DOES NOT MEAN THAT BRITAIN'S BANKING SYSTEM IS NOT PREPARED. TEXT: THE FINANCIAL DISTRICT OF LONDON -- THE CITY, AS IT IS BETTER KNOWN -- IS EUROPE'S LARGEST CURRENCY TRADING CENTER. SOME SAY MORE U-S!DOLLARS!AND JAPANESE YEO WERE TSADED HERE DURING THE YEAR THAN IN NEW YORK OR TOKYO. MORE THAN 500 FOREIGN BANKS HAVE OFFICES HERE. ANGELA DICKSON MONITORS EUROPEAN MONETARY UNION DEVELOPMENTS AT J-P MORGAN INVESTMENT HOUSE IN THE CITY. SHE SAYS PREPARATIONS HAVE BEEN UNDERWAY FOR MONTHS TO AVOID ANY GLITCHES WHEN THE EURO IS LAUNCHED AT THE STROKE OF MIDNIGHT ON NEW YEAR'S EVE. /// DICKSON ACT ///WE ACTUALLY STARTED OUR PREPARATIONS OVER TWO YEARS AGO, AND IN THE LAST THREE MONTHS, THINGS HAVE REALLY INCREASED IN PACE. WE HAVE HAD PEOPLE COMING IN OVER SEVERAL WEEKENDS TO DO TESTING AND DRESS REHEARSALS. /// END ACT ///BANKS AND INVESTMENTS HOUSES IN THE CITY HAVE SET UP THEIR OWN 'WAR ROOMS' TO MANAGE THE COMPLICATED CONVERSION PROCESS. MORE THAN 30-THOUSAND INFORMATION SPECIALISTS AND OTHER STAFF ARE EXPECTED TO WORK RIGHT THROUGH THE NEW YEAR WEEKEND ADJUSTING COMPUTER SYSTEMS, CONVERTING CASH BALANCES, AND EUROPEAN DEBT BILLS AND RE-DEMOMINATING BONDS FOR THE EURO'S FIRST DAY OF BUSINESS ON JANUARY FOURTH. /// DICKSON ACT TWO ///OUR WORK STARTS AS SOON AS THE CONVERSION RATES ARE ANNOUNCED BY THE E-C-B (EUROPEAN CENTRAL BANK) ROUND ABOUT MIDDAY ON THE 31ST OF DECEMBER. AND THEN WE WORK ALL THE WAY THROUGH THE WEEKEND UNTIL WE OPEN FOR BUSINESS ON THE FOURTH OF JANUARY. ///! END ACT ///EVEN THOUGH BRITISH CURRENCY IS NOT A PART OF THE EURO, IT WILL BE AFFECTED. MOST ANALYSTS EXPECT IT TO FLOAT A BIT BUT NOT TOO FAR OFF THE EURO EXCHANGE RATE IN ORDER TO REMAIN COMPETITIVE. A SURVEY PUBLISHED THIS WEEK IN BRITAIN'S POPULAR DAILY TELEGRAPH NEWSPAPER SAYS TWO-THIRDS OF BRITAIN'S CITIZENS WANT NO PART OF A SINGLE EUROPEAN CURRENCY. BUT J-P MORGAN'S ANGELA DICKSON SAYS BRITISH BANKS WILL DO BUSINESS IN EUROS WHETHER THEY LIKE IT OR NOT. /// DICKSON ACT THREE ///THOSE WHO HAVE INTERNATIONAL OPERATIONS OR HAVE ANY INTERNATIONAL SECURITIES WILL HAVE TO GO THROUGH THESE CONVERSION PROCESSES AS WELL. ALSO, IF THEY WANT TO MAKE PAYMENTS TO OTHER EUROPEAN COUNTRIES, THEY WILL HAVE TO THEMSELVES DO IT IN EUROS OR MAKE ARRANGEMENTS WITH THEIR CORRESPONDENTS AND CUSTODIANS TO DO IT IN EUROS. /// END ACT ///THE ACTUAL EURO COIN WILL NOT BE PUT INTO CIRCULATION FOR ANOTHER THREE YEARS. MOST BRITONS SAY THAT IS TIME ENOUGH TO SEE IF THE EURO REALLY WORKS BEFORE JOINING. THEY ARE QUICK TO POINT OUT THAT BRITAIN IS NOT THE ONLY EURO-SKEPTIC. SWEDEN AND DENMARK ALSO REMAIN OUTSIDE THE EURO-ZONE. GSEECE WAOTED TO JOIN, BUT DID !NOT MEET THE ECONOMIC AND FISCAL REQUIREMENTS. ECONOMISTS EXPECT BRITAIN WILL SUFFER TO SOME DEGREE BECAUSE IT REMAINS ON THE SIDELINES. A STRONG EURO WILL BRING DOWN E-U INTEREST RATES AND INFLATION, MAKING IT HARDER FOR BRITISH FIRMS TO COMPETE. ANALYSTS AND BUSINESSMEN ALIKE SAY BRITISH INTEREST RATES AND PRICES WILL HAVE TO DROP TOO, SO BRITISH FIRMS CAN KEEP PACE WITH THE EURO BARGAINS. BRITAIN'S PRO-EUROPE LABOR GOVERNMENT IS TAKING NO CHANCES.
OFFICIALS -- FROM PRIME MINISTER TONY BLAIR ON DOWN -- ARE
ALREADY TALKING ABOUT WHEN, NOT IF, BRITAIN WILL JOIN ITS
NEIGHBORS IN THE EURO-ZONE. (SIGNED)
[04] N-Y ECON WRAP (S & L) BY BRECK ARDERY (NEW YORK)DATE=12/29/98TYPE=CORRESPONDENT REPORT NUMBER=2-243612 CONTENT= VOICED AT: INTRO: STOCK PRICES IN THE UNITED STATES WERE UP TODAY (TUESDAY) WITH THE INDUSTRIAL AVERAGE CLOSING UP FOR THE EIGHTH STRAIGHT SESSION. V-O-A'S CORRESPONDENT BRECK ARDERY REPORTS FROM NEW YORK. TEXT: THE DOW JONES INDUSTRIAL AVERAGE CLOSED AT 93 HUNDRED 20, UP 94 POINTS OR ONE PERCENT. THE STANDARD AND POOR'S 500 INDEX CLOSED AT A RECORD HIGH 12 HUNDRED 41, UP 16 POINTS. THE NASDAQ INDEX ALSO CLOSED AT A RECORD HIGH. THE INDUSTRIAL AVERAGE SET A RECORD FOR THE YEAR BY CLOSING UP FOR EIGHT CONSECUTIVE SESSIONS. THAT INDEX IS NOW JUST 54 POINTS BELOW ITS RECORD HIGH OF 93 HUNDRED 74 WHICH WAS SET A MONTH AGO. ///BEGIN OPT//////OPT///WEISBERG ACT///I THINK THERE IS A LOT OF PROGRAM TRADING AND THERE IS JUST A LOT OF LIQUIDITY (CASH) OUT THERE WITH NO PLACE TO GO AND STOCKS JUST SEEM LIKE THE LIKELY CHOICE. ///END ACT///END OPT///A MONTHLY SURVEY OF CONSUMER CONFIDENCE SHOWS AMERICANS REMAIN VERY OPTIMISTIC ABOUT THE ECONOMY AND THE AVAILABILITY OF JOBS. THE SURVEY INDICATES CONSUMER SPENDING SHOULD REMAIN STRONG THROUGH THE EARLY PART OF NEXT YEAR. SALES OF EXISTING HOMES IN THE UNITED STATES ROSE BY ALMOST THREE PERCENT IN NOVEMBER. THE NATIONAL ASSOCIATION OF REALTORS SAYS IT EXPECTS ALMOST FIVE MILLION HOMES WILL BE SOLD THIS YEAR, A RECORD HIGH. /// REST OPT ///CONOCO IS THE LATEST U-S OIL COMPANY TO ANNOUNCE CUTBACKS BECAUSE OF WEAK OIL PRICES. CONOCO SAYS IT WILL ELIMINATE ALMOST ONE THOUSAND JOBS AND CUT CAPITAL SPENDING BY 21 PERCENT. HALLIBURTON, THE WORLD'S LEADING OIL COMPANY SERVICES PROVIDER, SAYS IT WILL CUT ALMOST THREE THOUSAND JOBS AND ANNOUNCED ITS QUARTERLY EARNINGS WILL FALL WELL BELOW WALL STREET EXPECTATIONS. ROYAL OAK, A U-S-BASED GOLD MINING COMPANY, IS REPORTED CLOSE TO BANKRUPTCY. ROYAL OAK HAS DEFAULTED ON SOME DEBT PAYMENTS AND THE VALUE OF ITS STOCK HAS FALLEN TO LESS THAN ONE DOLLAR A SHARE. ANALYSTS SAY ROYAL OAK SUFFERS FROM HIGH COST MINES AT A TIME OF LOW GOLD PRICES. U-S GOVERNMENT REGULATORS ARE WARNING THAT AN OLD SECURITIES
FRAUD IS MAKING A COMEBACK. KNOWN AS THE "PRIME BANK SCHEME" THE
FRAUD INVOLVES TELLING POTENTIAL INVESTORS THEY CAN EARN ANNUAL
RETURNS OF UP TO 200 PERCENT IN DEBT OBLIGATIONS GUARANTEED BY
TOP WORLD BANKS. REGULATORS SAY MOST OF THE VICTIMS OF THE
SCHEMES ARE ELDERLY AMERICANS WHO TYPICALLY LOSE EVERYTHING THEY
PAY INTO THE FRAUD.(SIGNED)
NEB/NY/BA/LSF/PT
[05] TUESDAY'S EDITORIALS BY GARY EDQUIST (WASHINGTON)DATE=12/29/98TYPE=U-S EDITORIAL DIGEST NUMBER=6-11074 TELEPHONE=619-2702 EDITOR=ASSIGNMENTS CONTENT= ///// ED'S: OUTDATED AFTER 10 P-M EST. /////INTRO: THE TOPICS IN UNITED STATES' NEWSPAPERS TUESDAY INCLUDE CONCERNS ABOUT WHAT ONE PAPER SAYS IS "THE RETURN OF SADDAM HUSSEIN;" ANOTHER WRITES ABOUT RECENT FIGHTING IN KOSOVO; AND OTHER WRITE ABOUT THE IMPORTANT MOVE IN EUROPE TO ADOPT A NEW, MOSTLY-UNIFIED CURRENCY. NOW, HERE WITH A CLOSER LOOK AND SOME EXCERPTS IS _________________ TEXT: IRAQ IS VOWING TO CONTINUE SHOOTING AT U-S AND BRITISH WARPLANES IF THEY ENFORCE NO-FLY ZONES IN THE NORTH AND THE SOUTH OF THE COUNTRY. /// OPT /// IRAQ SAYS IT NO LONGER RECOGNIZES THE ZONES, WHICH WERE IMPOSED IN THE EARLY 1990S TO PREVENT IRAQ FROM USING ITS AIR FORCE AGAINST ITS NEIGHBORS, OR AGAINST IRAQI KURDS IN THE NORTH AND SHI'ITE MUSLIMS IN THE SOUTH. /// END OPT VOICE: WEREN'T WE SUPPOSED TO HAVE TAUGHT SADDAM HUSSEIN A MAJOR LESSON TWO-WEEKS AGO WHEN THE UNITED STATES AND GREAT BRITAIN POUNDED IRAQ FOR 70-HOURS WITH ALL SORTS OF ORDINANCE? ...WELL, SOMEONE OBVIOUSLY FORGOT TO TELL SADDAM THAT HE'S SUPPOSED TO HAVE BEEN HUMILIATED AND HIS MILITARY'S CAPACITIES 'DEGRADED.' ... ALL OF WHICH PROMPTS THE QUESTION: DID ANYONE ACTUALLY THINK THROUGH WHAT WOULD HAPPEN IF THE AIRSTRIKES DID NOT BRING IRAQ'S MAD DOG TO HEEL? (I.E. UNDER CONTROL) TEXT: "THE WALL STREET JOURNAL" WRITES IN TODAY'S EDITION THAT "PEACE ON EARTH IS A LONG WAY OFF" FOR THE PEOPLE OF KOSOVO. AN UNEASY PEACE PREVAILS IN NORTHERN KOSOVO AFTER SEVERAL DAYS OF FIERCE FIGHTING LAST WEEK. /// OPT /// MORE THAN ONE-THOUSAND PEOPLE HAVE BEEN KILLED IN KOSOVO SINCE FEBRUARY WHEN SERBIAN AUTHORITIES LAUNCHED THEIR CRACKDOWN AGAINST ETHNIC ALBANIAN SEPARATISTS IN THE AREA. MORE THAN 600 INTERNATIONAL MONITORS HAVE BEEN DEPLOYED IN THE REGION TO VERIFY COMPLIANCE WITH PEACE EFFORTS. THEY ARE PART OF A CIVILIAN MONITORING GROUP EXPECTED TO NUMBER TWO-THOUSAND BY NEXT MONTH. /// END OPT /// "THE WALL STREET JOURNAL" HAS THIS COMMENT ABOUT THE SITUATION. VOICE: (YUGOSLAV PRESIDENT SLOBODAN) MILOSEVIC WILL CONTINUE TO STAMP ON KOSOVO'S ALBANIANS. BUT MANY OF THESE ETHNIC ALBANIANS, HAVING TASTED THE OPPRESSION OF A SERB STATE FIRSTHAND, WILL NOW ACCEPT NOTHING LESS THAN INDEPENDENCE. ETHNIC-ALBANIAN POLITICIANS WHO HAVE TOYED WITH ACCEPTING SOME FORM OF AUTONOMY WERE SIDELINED (I.E. WERE NOT BEING LISTENED TO) LONG AGO. DURING THE PAST TWO MONTHS, THE K-L-A (KOSOVO LIBERATION ARMY) HAS BUILT UP ITS ARMS AND IS CLEARLY READY TO FIGHT UNTIL INDEPENDENCE IS ACHIEVED. TEXT: "THE WASHINGTON POST" WRITES THAT THE POLICIES OF YUGOSLAV PRESIDENT SLOBODAN MILOSEVIC ARE AN OBSTACLE TO PEACE IN THE AREA. VOICE: AS SERB STRONGMAN SLOBODAN MILOSEVIC VIOLATES THE TRUCE IN KOSOVO MORE AND MORE FLAGRANTLY, ATTENTION NATURALLY TURNS TO THE DIMMING PROSPECTS FOR PEACE IN THE INDEPENDENCE-MINDED PROVINCE OF SERBIA. BUT JUST AS DANGEROUS TO FUTURE PROSQECTS IS WHAT MR. MILOSEVIC IS DOING TO HIS OWN PEOPLE IN BELGRADE AND THROUGHOUT SERBIA. HIS CRACKDOWN AGAINST FREE SPEECH, FREE PRESS AND FREE ACADEMIC STUDY ONLY CONFIRMS THAT HE CAN NEVER BE A PARTNER IN PROMOTING STABILITY IN KOSOVO OR ANYWHERE ELSE IN THE REGION. TEXT: ELEVEN EUROPEAN COUNTRIES WILL ADOPT A SINGLE CURRENCY -- THE EURO -- AS OF JANUARY FIRST. "THE NEW YORK TIMES" WRITES THAT CREATING THE EURO -- IS A HISTORIC MILESTONE ON THE PATH TOWARD EUROPEAN UNITY. THE NEWSPAPER ADDS THAT THERE IS BOTH PROMISE AND PERIL IN THE MOVE: VOICE: (ADOPTING THE SINGLE CURRENCY) WILL PUSH EUROPEAN COUNTRIES TO ADOPT MORE SIMILAR ECONOMIC POLICIES WHILE DEPRIVING INDIVIDUAL NATIONS SIGNIFICANT POWERS THEY NOW ENJOY. AT BEST, IT WILL MAKE EUROPE INTO AN ECONOMIC MACHINE RIVALING THE UNITED STATES. AT WORST, IT WILL LEAD TO POLITICAL SURIFE WIUHIN THE!CONTINEOT. TEXT: /// OPT /// THE NEW CURRENCY, WRITES "USA TODAY", -- SHOULD PROMOTE PROSPERITY IN EUROPE BY ENDING ECONOMIC INEFFICIENCIES CAUSED BY THE NEED FOR CURRENCY CONVERSION. THE EDITORIAL ADDS: VOICE: AND THAT EUROPEAN PROSPERITY IN TURN SHOULD HELP THE UNITED STATES BY LESSENING THE THREAT OF RECESSION WHILE PROVIDING OTHER BENEFITS AS WELL. ... BUT THE EURO'S SUCCESS IS FAR FROM SURE. EURO NATIONS SUFFER HUGE ECONOMIC DISPARITIES, SUCH AS A FOURFOLD DIFFERENCE IN UNEMPLOYMENT RATES AND A 150-PERCENT DIFFERENCE IN AVERAGE INCOME. THE SINGLE CURRENCY COULD LOCK IN THAT INEQUITY BECAUSE EUROPE HAS NO UNIFIED METHOD TO DEAL WITH THEM, SUCH AS COMMON WELFARE AND UNEMPLOYMENT POLICIES. /// END OPT /// TEXT: ON THAT NOTE, WE CONCLUDE THIS EDITION OF EDITORIAL
DIGEST.
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