Mahathir accuses G7 of ganging up on world's poor<\/p>\n
TOKYO (AFP): Malaysia's outspoken Prime Minister Mahathir
\nMohamad on Friday lambasted the Group of Seven (G-7) rich nations
\nfor ganging up on the poor in times of crisis.<\/p>\n
Just a month before Japan hosts a summit of the Group of Eight
\n-- G7 plus Russia -- Mahathir said the rich world could always
\nclub together to protect its interests.<\/p>\n
\"But who cares about us, about poor countries and poor
\npeople?\" the Malaysian leader asked the annual \"Future of Asia\"
\nconference in Tokyo.<\/p>\n
\"They are not fit to sit at the same table with the rich, the
\nG7.<\/p>\n
\"If solving the trade problems of the G7 results in the poor
\nbecoming poorer, it is just too bad.\"<\/p>\n
Mahathir, a trenchant critic of strict International Monetary
\nFund bailouts when crisis struck Asia in 1997, said Malaysia was
\nproud to have gone its own way in implementing capital controls.<\/p>\n
\"We are willing to be called stupid ignorami who cannot
\nunderstand herd instincts. But for us, if the result is bad, then
\nwe must assume the system is bad and we will throw it out,\" he
\nsaid.<\/p>\n
\"And so our exchange-rate control and the regulation of short-
\nterm capital flows were instituted and as I said Malaysia is
\ndoing nicely, thank you.\"<\/p>\n
Globalization was good in principle, but it could wreak havoc
\nif left uncontrolled, the prime minister added.<\/p>\n
\"Asia must assert itself. It must not just follow. It must
\nwork together with Europe and America,\" Mahathir said.<\/p>\n
The prime minister also said Singaporeans were welcome to do
\nbusiness in Malaysia, after Singapore Telecommunications Ltd.
\nfailed to buy a stake in a major Malaysian telecoms company last
\nmonth.<\/p>\n
Time Engineering Bhd. called the deal off following strong
\nspeculation that the Malaysian government opposed it.<\/p>\n
\"Among the biggest investors in Malaysia are Singaporeans and
\nSingapore companies and they are always welcome to invest in
\nMalaysia,\" Mahathir said.<\/p>",
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