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CNN Sunday Morning
Opening Ceremonies Under Way at IMF/World Bank Meeting
Aired September 29, 2002 - 08:01 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.
CATHERINE CALLAWAY, CNN ANCHOR: We're going to take you to Washington now where world finance leaders meet for a final round of talks and protesters plan another round of demonstrations. Opening ceremonies get under way this hour for the International Monetary Fund and World Bank. And so far this weekend finance leaders have agreed to develop a new strategy for resolving the debt crisis in countries from Asia to South America.
CNN's Kathleen Hays has more.
(BEGIN VIDEOTAPE)
KATHLEEN HAYS, CNN CORRESPONDENT (voice-over): As protesters rallied outside, inside the meetings finance leaders pushed for an international bankruptcy process to help poor nations climb out of debt. Delegates also pressed for wealthy nations to do more to level the economic playing field.
NICHOLAS STERN, CHIEF ECONOMIST, WORLD BANK: The average Europe cow receives around $ 2 1/2 dollars a day in subsidy. Actually the average Japanese cow receives around $7 dollars a day in agricultural subsidy. Seventy-five percent of the people in Sub Saharan Africa live on less than $2 a day.
HAYS: Treasury Secretary Paul O'Neill said the U.S. will make good on cash promise for global debt relief.
As for the U.S. economy, O'Neill tried to beat back naysayers and boost confidence. He accentuated positives like low interest rates and strong home sales and rejected what he sees as undue pessimism.
PAUL O'NEILL, TREASURY SECRETARY: So I don't chose to find the world to be a place where handwringers should prevail but people who have leadership responsibilities to get on with it.
HAYS: But given that global leaders have yet to resolve tough issues like Japan's long-term recession and Argentina's debt crisis, hand-wringing persists.
ROBERT HORMATS, GOLDMAN SACHS: There is a growing risk that at this meeting there will be this mutual reinforcing pessimism that could make things worse.
HAYS (on camera): The reality is these meetings are not known for producing blockbuster deals. But with the war threat and tumbling stock markets battering our economic psyche, if they do succeed in boosting confidence, that in itself would be a plus.
Kathleen Hays, CNN, Washington.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired September 29, 2002 - 08:01 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CATHERINE CALLAWAY, CNN ANCHOR: We're going to take you to Washington now where world finance leaders meet for a final round of talks and protesters plan another round of demonstrations. Opening ceremonies get under way this hour for the International Monetary Fund and World Bank. And so far this weekend finance leaders have agreed to develop a new strategy for resolving the debt crisis in countries from Asia to South America.
CNN's Kathleen Hays has more.
(BEGIN VIDEOTAPE)
KATHLEEN HAYS, CNN CORRESPONDENT (voice-over): As protesters rallied outside, inside the meetings finance leaders pushed for an international bankruptcy process to help poor nations climb out of debt. Delegates also pressed for wealthy nations to do more to level the economic playing field.
NICHOLAS STERN, CHIEF ECONOMIST, WORLD BANK: The average Europe cow receives around $ 2 1/2 dollars a day in subsidy. Actually the average Japanese cow receives around $7 dollars a day in agricultural subsidy. Seventy-five percent of the people in Sub Saharan Africa live on less than $2 a day.
HAYS: Treasury Secretary Paul O'Neill said the U.S. will make good on cash promise for global debt relief.
As for the U.S. economy, O'Neill tried to beat back naysayers and boost confidence. He accentuated positives like low interest rates and strong home sales and rejected what he sees as undue pessimism.
PAUL O'NEILL, TREASURY SECRETARY: So I don't chose to find the world to be a place where handwringers should prevail but people who have leadership responsibilities to get on with it.
HAYS: But given that global leaders have yet to resolve tough issues like Japan's long-term recession and Argentina's debt crisis, hand-wringing persists.
ROBERT HORMATS, GOLDMAN SACHS: There is a growing risk that at this meeting there will be this mutual reinforcing pessimism that could make things worse.
HAYS (on camera): The reality is these meetings are not known for producing blockbuster deals. But with the war threat and tumbling stock markets battering our economic psyche, if they do succeed in boosting confidence, that in itself would be a plus.
Kathleen Hays, CNN, Washington.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
