APEC summit facing some unusual risks<\/p>\n
TOKYO (AP): The last time the Asia-Pacific region held its
\nannual summit to promote free trade, Japan's prime minister
\nassured everyone that his economy wouldn't be the next victim of
\nAsia's financial crisis.<\/p>\n
Canada, the host country, was criticized by some in Canada for
\ncracking down on demonstrations against Soeharto, Indonesia's
\niron-fisted ruler at the time.<\/p>\n
And President Bill Clinton, whose popularity and booming
\neconomy were the envy of the planet, joined everyone else in
\nurging countries such as Thailand and South Korea to bite the
\nbullet and comply with the tough economic reforms that the
\nInternational Monetary Fund was demanding.<\/p>\n
Japan -- the world's second largest economy, and Asia's
\nfinancial anchor -- is suffering through its worst recession since
\nWorld War II, and that bad news cost Prime Minister Ryutaro
\nHashimoto his job.<\/p>\n
Soeharto, who ruled Indonesia for 32 years, was driven out of
\npower by a violent, pro-democracy movement, and the world's
\nfourth most populous country is in real trouble financially.<\/p>\n
Wall Street is now coping with a steep downturn. And even
\nthough Clinton has promised to attend the APEC meeting, some
\npeople wonder how he can do that while facing an impeachment
\ninquiry back home, thanks to the Monica Lewinsky sex scandal.<\/p>\n
Worse still, Asia's economic crisis is showing signs of going
\nglobal, and more and more economists are criticizing the IMF for
\nthe way it is handling its bailouts.<\/p>\n
Other well-respected economists are going even further,
\nquestioning whether a free-market philosophy doesn't leave some
\ncountries too vulnerable to the chaos of major market
\nspeculators.<\/p>\n
In fact, Malaysia isn't the only country trying self-defense
\nmechanisms such as capital controls. Hong Kong recently spent a
\nfortune investing in its stock market to ward off speculators.<\/p>\n
And Washington is trying to figure out what to do with hedge
\nfunds after watching its Federal Reserve help bail out a major
\none that was going under, and seeing the investments of others
\nsend the U.S. dollar into a tailspin against Japan's yen.<\/p>\n
Ironically, Malaysian Prime Minister Mahathir Mohamad, who
\nmade one of his typical anti-free-market comments during last
\nyear's summit, probably could have opened this year's with an "I
\ntold you so."<\/p>\n
But even he is having major domestic problems. Mahathir, 72,
\nwho is widely credited with creating modern Malaysia during his
\n17 years in power, dismissed Anwar Ibrahim, his expected
\nsuccessor, in an apparent dispute over how to battle the
\ncountry's economic mess.<\/p>\n
Instead of stepping aside, Anwar launched a reform movement
\nacross Malaysia that quickly led to big rallies demanding that
\nMahathir step down.<\/p>\n
The prime minister used riot police to thwart the protests,
\nand jailed Anwar, charging him with corruption and sex crimes,
\nand scheduling his trial for Nov. 2.<\/p>\n
The trial will be interrupted during the Nov. 12-18 APEC
\nmeetings, but Mahathir's treatment of Anwar and his reform
\nmovement already have been criticized by APEC members such as
\nAustralia, Indonesia, the Philippines and the United States.
\nPresident B.J. Habibie of Indonesia and Philippine President
\nJoseph Estrada consider Anwar a friend.<\/p>\n
Estrada would attend next month's forum and will also try to
\nmeet with Malaysia's jailed former No. 2 leader, Anwar Ibrahim,
\nofficials said Monday.<\/p>\n
Estrada and Habibie have spoken out against Anwar's arrest and
\ntreatment in jail, and said they were considering not attending
\nthe APEC summit in Kuala Lumpur next month.<\/p>\n
"The president will definitely attend APEC, and if the
\noccasion arises and there are no legal obstacles, the president
\nis interested in seeing Mr. Anwar," presidential spokesman Jerry
\nBarican said.<\/p>\n
Estrada welcomed reports that Malaysian Prime Minister
\nMahathir Mohamad will allow him to visit Anwar in jail, saying it
\nwas "a good sign."<\/p>\n
Meanwhile, Malaysian Foreign Minister Abdullah Badawi said
\nthat it would be a loss for the Association of Southeast Asian
\nNations if any of their leaders fail to attend the APEC forum in
\nKuala Lumpur next month.<\/p>\n
He said that at time when ASEAN countries were trying to
\nrehabilitate their economies, they should take advantage of the
\nmeeting to attend and express their views.<\/p>\n
Abdullah expressed belief that APEC provided the best forum to
\nfind solutions to economic problems facing Asean countries.<\/p>",
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