Lee Kuan Yew's comment

Lee Kuan Yew's comment

Singapore Senior Minister Lee Kuan Yew has offered his view of
the monetary crisis currently hitting Asia. In his comment,
published in the Feb. 8 edition of the Sunday Times newspaper,
Lee said the crisis engulfing Asia at present tended to be viewed
(by the region) primarily in political dimensions because
regional leaders here are accustomed to facing political
complications -- a reality that has caused them to miss the
signals sent by the market.

With regard to Indonesia in particular, Lee believes that the
crisis affecting the rupiah will continue until after the General
Session of the People's Consultative Assembly (MPR) next month.
However, according to Lee, the crisis is likely to continue if
the outcome of the vice-presidential election fails to comfort
the market.

Lee Kuan Yew, as we all know, is a world-renowned, brilliant
statesman. His vision and strong leadership have enabled
Singapore to grow into a world economic power. A seasoned
statesman, Lee is usually cautious in his comments, especially on
other countries.

True, Lee's comment does not differ much from those which
foreign analysts have already offered. Still, considering his
prestige in Asia and especially in the Southeast Asian business
world, his comments have prompted the market into increasing its
pressure on the rupiah and thus, directly or indirectly, add to
our suffering.

As a respected senior leader, Lee should have used person-to-
person channels -- not the mass media -- to express his views and
attitude toward the situation in Indonesia, including the
market's reaction to the issue of the vice presidency.

-- Media Indonesia, Jakarta