RI urges teamwork to solve fiscal snag<\/p>\n
UNITED NATIONS (AP): No nation is immune from the economic
\nturmoil that brought down an Indonesian president and prompted
\nsome of the worst riots in that country's history, the Indonesian
\nforeign affairs minister said Thursday.<\/p>\n
\"The threat of a worldwide recession, even possibly a global
\ndepression, is real,\" Ali Alatas told members of the General
\nAssembly gathered to discuss the pros and cons of global economic
\ninterdependence. \"In the ultimate analysis, no country is safe
\nfrom the hazards of globalization.\"<\/p>\n
The two-day conference that began Thursday focused on the
\nsocial and economic impact of the world's increasingly
\nintertwined and interdependent economies.<\/p>\n
Many speeches from U.N. officials and representatives of
\npoorer countries urged industrialized nations to remember that
\nthey shared responsibility for the crises hitting the developing
\nworld. The industrial world reaped the benefits of developing
\nnations' initial quick growth, they said.<\/p>\n
\"The contagion effect of every financial and economic crisis
\nin every country and in every region will always threaten the
\nfinancial and economic stability of every other country and
\nregion,\" Alatas said.<\/p>\n
The collapse of Indonesia's currency last summer was part of
\nan Asian financial crisis whose effects have spread across the
\nglobe, sparking riots in Indonesia and causing stock markets to
\ngyrate wildly in Asia, Europe and the Americas. The latest victim
\nhas been Russia, where the plunging value of the ruble has rocked
\nthe government.<\/p>\n
\"As the world contemplates these events, some are questioning
\nthe desirability of free markets, and the increasing
\ninterdependence of national economies,\" said Brian Atwood,
\nadministrator at the U.S. Agency for International Development.<\/p>\n
However, he cautioned, the problems of the day shouldn't be
\nallowed to define globalized economies. \"The benefits still
\nvastly outweigh the costs,\" he said.<\/p>\n
Echoing those sentiments, Alatas said lessons can be drawn
\nfrom financial crises, but solving the problems takes teamwork.<\/p>\n
\"Globalization is by no means an evil force but it is a blind
\none,\" he said. \"Like the winds of change in the ocean of history,
\nit can shipwreck us or carry us to our intended destination.<\/p>\n
\"The developed and developing countries are all in the same
\nboat. Our fate depends on how well we work as a team in trimming
\nthe sails,\" he said.<\/p>",
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