U.S. TIES TO ASIA: WHY SHOULD WE CARE?; APEC NEGOTIATES RECORD BAILOUT.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. As Asia's economic crisis deepened Monday, President Clinton and leaders from the region agreed on the rough details of a $68 billion bailout bailout The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout. , the largest financial rescue ever. At APEC's two-day conference here, it was decided the money will come in loans from the International Monetary Fund to help bolster Asian economies and reassure world markets. But the leaders, who endorsed the plan today, could not agree on what else they should do. President Clinton, who Sunday had likened the Asian crisis to ``a few little glitches Little Glitches are a four piece folk/indie band from Sheffield, UK. The band formed in 2004 after collaborating and writing together in previous bands. The band consists of Andrew Bolam (bass guitar), Gavin Scrumpy (drums), Iain Stewart (acoustic guitars), and Sam Smith (Rhodes in the road,'' appeared more concerned Monday. ``We need to take this very seriously; we need to work very hard at it,'' the president said. ``We don't need to be at all casual, but we should also have confidence that we can work through it.'' What is APEC APEC in full Asia-Pacific Economic Cooperation Trade group established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional economic blocs (such as the European Union and the North American Free Trade Area) ? APEC is an 18-member Asia-Pacific Economic Cooperation Asia-Pacific Economic Cooperation: see under Pacific Rim. organization founded in 1989. It promotes trade and investment within the region. Why is it so important? The 18 countries that comprise APEC represent some of the fastest growing economies in the world. Their financial might is best reflected in this stat: More than 100 CEOs of the world's largest companies are in Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , to meet with the government leaders. Summit issues: Currency devaluations: South Korea and other nations need loans from the International Monetary Fund to stablize markets. Japan: Banks there need an infusion of funds to keep the world's second largest economy healthy. Tariffs: APEC wants ongoing efforts to cut trade barriers in the region. Climate change: APEC is encouraging all countries to curb activitiesthat contribute to global warming global warming, the gradual increase of the temperature of the earth's lower atmosphere as a result of the increase in greenhouse gases since the Industrial Revolution. . More coverage: APEC leaders hammer out details of $68 billion bailout. See News. CAPTION(S): Map MAP: no caption (Asia-Pacific region) Knight-Ridder Tribune Graphics Network |
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