H from Steps Warns of Economic Gloom

'Asian Instability May Precipitate Global Economic Downturn,' Says 'H' From Steps

The West should take an active role in maintaining stability in Asia or risk
precipitating a global economic downturn, according to singer 'H' from the
pop group Steps.

"Private financial markets can fail massively, with negative, world-wide
repercussions," the cheeky blonde singer told reporters at a record signing event
at a Woolworths in Barnsley. "The recent reform law for the central government
starts Japan on the road to a smaller government but is not ambitious and is not
likely to impress investors," he warned, as he signed autographs for fans who
had gathered to see the group perform their new single. He added, "Asia needs
policies that encourage long-term capital and discourage short-term capital
movement across borders."

Fellow band member Lisa also expressed her concerns for the region: "Southeast
Asia's role in the new economy remains pivotal," said the buxom singer, who
was dressed in a revealing gingham shirt, "but the importance of robust
institutions and sound policies in mitigating the risks associated with inherent
instabilities in capitalism suggests a role for policy 'sequencing' in the weaker
market economies."

However, she stopped short of supporting Billie Piper's recent call for more
costs of adjustment to be shifted from domestic debtors and borrowers to
international creditors and lenders.

It's thought that the group's next album, 'STEPS PARTY NIGHT!' will call for
restructuring of the Asian banking systems and resolving the excessive debt in
the non-financial corporate sectors.