Greenspan Sees Hope For Asia

Asia’s recovery can begin soon if nations in the region enact the proper economic reforms, Federal Reserve Chairman Alan Greenspan said Friday.

“Eventually, the Asian economies now suffering from the current crisis will recover,” Greenspan said, in remarks to an Atlanta Fed conference.

“If the proper policies are pursued and there is support from the international community, the process of recovery can begin soon and the structural reforms necessary for more durable growth will be under way,” he said.

Greenspan warned that Asian currencies are undervalued against the dollar, reflecting investors’ fears more than a sober assessment of countries’ economic fundamentals.