Official voices doubts on region

Official voices doubts on region

SINGAPORE (AP): Restoring stability to Asian financial systems will be difficult, the head of Singapore's Monetary Authority, Lee Hsien Loong, was quoted as saying yesterday.

"When the financial system goes wrong, it is very hard to put it back again," The Straits Times daily quoted Lee as saying in informal remarks to reporters.

Lee said financial system troubles in Indonesia, Thailand, South Korea and even Japan would make the region's economic problems difficult to solve, according to the paper. Lee also serves as deputy prime minister and is the son of Singapore's Senior Minister Lee Kuan Yew.

"Without having the financial system right, it's very hard to get the rest of the economy right," Lee was quoted as saying.