Big 3 in crisis talks

19.09.44: AMERICAN PRESIDENT Charles Wainwright, Erik Schmidt, president of Europe, and Zan Ling, leader of China - dubbed the Three Wise Men - met yesterday to discuss the crisis in the Far East.

Tension has been growing between Japan and China since the revival of the Japanese economy and the rise of so-called neo-Stalinism in Russia.

There is also increasing concern about the sustainability of the eurodollar. Europe has been pressing for higher interest rates to head off what is seen in several countries, notably Germany, as a growing inflationary danger. But America says that such fears are not soundly based.

"Alan Greenspan must be turning in his grave," said one US commentator.

The eurodollar's problems have headed off plans for a single world currency, but they remain on the drawing-board.

The exclusive focus on global exchange issues marks a shift in style for international summit meetings.

"We're getting down to some real politics again after all that touchy-feely stuff," said a White House press spokesman, in a reference to recent summits when all three world leaders were women. DS

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