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CNN Sunday Morning
Protests Continue in Washington This Weekend
Aired April 21, 2002 - 08:15 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Well, the money summit continues in Washington this weekend, but while the world's top financial officials are meeting, protesters are also having their say.
CNN's Louise Schiavone has more.
(BEGIN VIDEOTAPE)
LOUISE SCHIAVONE, CNN CORRESPONDENT (voice-over): Protests were intense, but mild compared to previous years.
Anti-globalization groups mixed with pro-Palestinian demonstrators, making their way through Washington and ending up at the U.S. capitol.
At the same time, the G7 nations, the U.S., britain, canada, France, Germany, Italy and Japan, convened at the U.S. Treasury Department, tackling core issues, including foreign aid and how to spread it around, and the challenge of crippling terrorism.
PAUL ONEILL, TREASURY SECT.: We have a jointly designated new names in our quest to rid the world of terrorists and terrorist financing. We have acted together.
SCHIAVONE: Although apparently satisfied that the U.S., Canada and Europe are emerging from recession, Argentinas devastating financial crisis looms large.
UNIDENTIFIED MALE: Is Argentina capable -- with its political leaders -- to take the steps that are necessary for the benefit of their own people? Again, not for somebody elses benefit. Not for the benefit of the G7. Not for the benefit of the IMF. For the benefit of the Argentinean people.
SCHIAVONE: Argentina is under pressure to slash its government spending, reform bankruptcy laws and fight inflation.
G7 ministers are also concerned about Japans failure to shake off years of economic doldrums, but their spared their G7 colleague harsh criticism.
IAN VASQUEZ, CATO INSTITUTE: Japan should stop trying to defend its currency. If it lowered the value of its yen by letting it float on the market, i think that there would be an increase in exports that would reinvigorate the economy.
SCHIAVONE: While Japan was identified as the biggest potential drag on economic growth, high oil prices were judged to so far have little effect.
The world's industrialized nations say better economic times are likely as long as individual nations stay focused on strategies aimed at promoting growth.
Louise Schiavone, CNN FINANCIAL NEWS, Washington.
(END VIDEOTAPE)
PHILLIPS: There were also protests against the IMF in Washington state. Hundreds of anti-globalization demonstrators rallied in downtown seattle.
Police say the situation was mostly peaceful, but some arrests were made. They say some groups with up to 300 people were demonstrating without permits and were engaging in civil disobedience.
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