USA: NEW YORK: PRESIDENT CLINTON WORLD ECONOMY CRISIS SPEECH (2)

English/Nat United States president Bill Clinton says the current global economic crisis is the biggest financial challenge to have faced the world in a half century. During a speech in New York on Monday the president said he had asked his Treasury Secretary James Rubin and Reserve Bank chief Alan Greenspan to meet their counterparts in the next 30 days to grapple with the widening crisis. Clinton's remarks came on a day when Wall Street and many foreign markets were already posting strong rebounds. As members of Congress on Monday weighed whether to begin an impeachment process against Bill Clinton, the president sought to put the focus back on his policies. UPSOUND: (English) "Ladies and Gentlemen I give you the president of the United States." SUPER CAPTION: Pete Petersen, chairman of the Council of Foreign Relations At a speech to a foreign policy group in New York, Clinton said the global financial crisis was the biggest economic challenge facing the world in half a century. He called on the world's nations to work together to boost economic growth. Clinton said while inflation has been a major threat in the past, the biggest problem now is the spreading economic weakness that's already plunged a third of the world into recession. SOUNDBITE: (English) "We must work with Japan, Europe and other nations to spur growth. Second, we will expand our efforts to enable viable businesses in Asia to emerge from crippling debt burdens so they can once again contribute to growth and job creation. Third, we've asked the World Bank to double its support for the social safety net in Asia to help people who are innocent victims of financial turmoil. Fourth, we'll urge the major industrial economies to stand ready to use the $15 billion in IMF emergency funds to help stop the financial contagion from spreading to Latin America and elsewhere. Fifth, our Ex-Im bank, under the leadership of Jim Harmon, will intensify its efforts to generate economic activity in the developing world immediately in the next three months. And sixth, Congress must live up to its responsibility for continued prosperity by meeting our obligations to the International Monetary Fund. SUPER CAPTION: Bill Clinton, United States President The president repeated a warning made by Federal Reserve Chairman Alan Greenspan a week ago that it's unlikely the United States can remain an "oasis of prosperity" in the ever-widening financial turmoil. That's why, Clinton said, ordinary Americans should care about what's happening in the rest of the world. Using Russia as an example, he said the risk isn't confined to people's living standards and personal freedoms. SOUNDBITE: (English) "At worst, adversity in Russia could affect not only the Russian economy and prospects for our economic cooperation - at worst, it could have an impact on our cooperation with Russia on nuclear disarmament; on fighting terrorism and the spread of weapons of mass destruction; on standing together for peace, from the Balkans to the Middle East. SUPER CAPTION: Bill Clinton, United States President Japan, Clinton says, remains key to resolving the crisis. The world's second-largest economy is mired in its worst recession in 50 years and the administration has been pushing it for more than a year to act decisively in dealing with its own problems. SOUNDBITE: (English) SUPER CAPTION: Bill Clinton, United States President Clinton didn't mention his current troubles in the Monica Lewinsky matter but sought to underscore that he and his administration are focused on the threat that the world's financial crisis poses to the U.S. economy. Clinton did not respond to the question, but continued to shake hands. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/2fecfe9baad5160ed81acbdce8508aa3 Find out more about AP Archive: http://www.aparchive.com/HowWeWork