ASEAN plans joint action against speculators: Anwar<\/p>\n
KUALA LUMPUR (AFP): Malaysian Deputy Prime Minister Anwar
\nIbrahim said yesterday that Southeast Asian nations would launch
\na joint effort against an "economic war" launched by foreign
\nspeculators on their currencies.<\/p>\n
The government was not devoid of resources to battle western
\ninternational syndicates who have launched a war against the
\nregion's share market and currencies, he was quoted by the
\nBernama news agency as saying.<\/p>\n
The Malaysian ringgit plunged to the sensitive 3.0000 level
\nagainst the US dollar yesterday amid Kuala Lumpur's financial
\nmarket turmoil, dealers said.<\/p>\n
The embattled ringgit touched the 3.0000 level and, on profit-
\ntaking, hovered around 2.9950 in late morning trade, a dealer
\nwith a European brokerage said, adding the market was concerned
\nover the alarming decline in the Kuala Lumpur stock market which
\nthreatened to spill over to the economy.<\/p>\n
The ringgit had closed on Wednesday at 2.9730.<\/p>\n
Malaysian share prices were lower as foreign selling continued
\nunabated and is likely to pull the bourse lower over time,
\ndealers said.<\/p>\n
"The uncertainties surrounding the outlook of the economy and
\nad hoc policies that are implemented to defend the economy is
\ndriving out foreign investors," a dealer said.<\/p>\n
Anwar, who is also the finance minister, added Malaysia was
\nneither fearful of the western syndicates but was confident that
\nmeasures taken would turn the attackers into "worms wriggling in
\nthe scorching sun."<\/p>\n
"We are convinced that this group will face immense losses if
\nthey continue to sell our stocks ... for the measures we have
\ntaken will stifle their efforts to buy back the shares at even
\nlower prices," he said.<\/p>\n
"Because of the greed, we are certain they will come in haste
\nto buy our shares when the market reverts to stability," Anwar
\nadded.<\/p>\n
Anwar said that western syndicates were able to launch
\nlightning raids on the economies of Association of Southeast
\nAsian Nations (ASEAN) members because ASEAN as a unit was weak in
\ndefending its economies.<\/p>\n
"There was no organized defense mechanism ... as a group which
\ncould counter these attacks," he said.<\/p>\n
Anwar said, although ASEAN was seen as "united" economically,
\nthe economic interests of each member nation still superseded the
\ninterests of the region as a whole.<\/p>\n
"It is therefore clear that the attackers are aware of this
\nweakness and their strategy now was to launch sudden attacks
\nagainst us one by one," he said.<\/p>\n
Anwar said the financial tumble in ASEAN member Thailand had
\naffected all the grouping's members as well as Hong Kong. ASEAN
\ngroups Brunei, Myanmar, Indonesia, Laos, Malaysia, the
\nPhilippines, Singapore, Thailand and Vietnam.<\/p>\n
"It is therefore clear that the attackers are aware of this
\nweakness and their strategy now was to launch sudden attacks
\nagainst us one by one," he said.<\/p>\n
Anwar, however, said the current gloom in the economy was only
\na passing phase and those throwing their shares into the market
\nwere greedy and out to make extraordinary gains from an
\nextraordinary situation.<\/p>\n
The deputy prime minister also hit out at a small group of
\nMalaysians who he said were "sheeps in wolves' clothing" because
\nthey collaborated with foreigners to jeopardize national economic
\nstability.<\/p>\n
Anwar also said the government was aware and understood the
\nplight of the people particularly entrepreneurs who are passing
\nthrough difficult times.<\/p>\n
"We cannot react in a haphazard manner. We must study all the
\nstrategies with care and wisely so that our measures would have a
\npositive effect," he said.<\/p>",
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