CONFIDENTIAL
FM BTC HONG KONG
TO IMMEDIATE FCO
TELNO 227
OF 290706Z JULY 92
INFO IMMEDIATE DTI, ECGD
CONFIDENTIAL
HKA 182/3
TOP COPY Q DIST?
062154
MDHIAN 3671
la
160
DTI FOR HALL, PEP
•157)
156
YOUR TELNO 151 AND INTRA 197: AIRPORT PLATFORM: EXPORT CREDIT.
1. WE HAVE TRIED TO FIND AN EXPLANATION FOR THIS ATTEMPT TO BOUNCE US INTO AN INSTANT RESPONSE ON ISSUES WHICH THE HONG KONG AUTHORITIES MUST REALISE ARE WIDE-RANGING AND IMPORTANT. HAVING TALKED AGAIN TO SEVERAL OF THE KEY PEOPLE (INCLUDING THE SECRETARY FOR ECONOMIC SERVICES, ANSON CHAN) I BELIEVE WE ARE SEEING LESS A CONSIDERED POLICY ON THE PART OF THE HKG THAN THE ACTIONS OF A NUMBER OF HARD-PRESSED INDIVIDUALS.
2. WE HAVE BEEN IN REGULAR TOUCH WITH ALLEN HIMSELF, WHO HAS BEEN GRATEFUL FOR THE MORAL SUPPORT PROVIDED BY THESE VARIOUS EXCHANGES. ROBBINS OF PEP CALLED ON HIM YESTERDAY EVENING BEFORE RETURNING TO LONDON AND WILL HAVE A PERSONAL FEEL FOR THE SITUATION HERE.
3. THE FINANCE PEOPLE SEEM TO BELIEVE THE PAA IS PANICKING
UNNECESSARILY.
4. I THINK THE APPROACH YOU RECOMMEND IS RIGHT AND IS PROBABLY ALL WE CAN DO THIS WEEK. I SUGGEST WE HOLD IN RESERVE THE OPTION OF A PERSONAL MESSAGE AT A MORE SENIOR LEVEL. THE SECRETARY OF STATE'S PRESS CONFERENCE HERE HAS HAD A GENERALLY CALMING AND REASSURING IMPACT ON BOTH THE BUSINESS COMMUNITY AND THOSE INVOLVED IN THE AIRPORT PROJECT. ALL CONCERNED APPRECIATE IN PRIVATE THAT THERE IS GOING TO BE A LULL OF SEVERAL WEEKS, IN THE COURSE OF WHICH THERE WILL BE TIME TO TALK THROUGH THE MANY FINANCING COMPLICATIONS.
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