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New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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Tourism sector hit even before war starts
PARIS The war in Iraq has damaged the tourism industry before it has even begun and will do far worse as it gets under way, the head of the World Tourism Organisation warned yesterday.
Secretary General Francesco Frangialli said the organisation now believed a war in Iraq was inevitable, but hoped it would be short.
"Even before it's begun, the conflict has already had severe effects on the sector," Frangialli said.
"It is likely that in the next few months thousands of jobs will disappear. But everything depends on the nature of the conflict."
He said the sector was hoping for an economic upturn of the kind witnessed after the 1991 Gulf War.
"If the conflict is short and brings a reduction of uncertainties, that will be the lesser of two evils," he said. "Its impact can be limited and the summer season saved."
But he said the current circumstances were different from those preceding the last war in the Gulf. This time, he said, tourism companies were going into the crisis already weakened by terrorism fears in the wake of the September 11, 2001 attacks.
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