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Clinton victory may boost economy

Bill Clinton's triumph in the US presidential election.They believed that if his victory boosts Americans' confidence in the economy and get them spending again, tourism would start quickly improving.

Bill Clinton's triumph in the US presidential election.

They believed that if his victory boosts Americans' confidence in the economy and get them spending again, tourism would start quickly improving.

But they said it would probably be at least six months before his presidency impacted on Americans.

UBP members and bank heads had hoped George Bush would be re-elected, while the PLP backed President-elect Clinton.

The Progressive Labour Party was confident the result would benefit it greatly in the next election.

Opposition Leader Mr. Frederick Wade has said his party's economic platform -- like Mr. Clinton's -- "is about change''. See Page 2 for a full interview with Mr. Wade on the US election and a possible poll here.

But National Liberal Party leader Mr. Gilbert Darrell disagreed: "I think Bermudians are independent enough to make their own decisions and not be persuaded by what happens in the US.'' And Premier the Hon. Sir John Swan, who had already sent a congratulatory note to Mr. Clinton -- and his regrets to Bush, felt the result would have no effect on how Bermudians vote in a local election.

Sir John said he would be keeping a close eye on the US Congress after Clinton is inaugurated as president on January 20.

"The implication to Bermuda is that we now have someone who is not familiar with Bermuda. And it was Mr. Bush who helped push for the US-Bermuda tax treaty.'' The treaty offers tax breaks to insurance companies that base themselves here.

Companies that hold conventions here can claim tax deductions.

Sir John also had concerns about how Clinton would deal with US bases. "The question is, how fast and to what extent will cuts be made?,'' he said, adding he he planned to meet with Mr. Clinton to discuss issues affecting Bermuda.

"Mr. Bush had a high regard for Bermuda -- he visited once as vice president and twice as president -- helping to put Bermuda on the map even further,'' he added.

Mr. Michael Collier, Bank of Butterfield's chief general manager, said the most important issue facing Bermuda was whether Mr. Clinton would be able to get the US economy back on track.

"As a result of confidence coming back to the US, Bermuda will see new business opportunities and increased travel by Americans.

"I think, frankly, it will be six months from the time Clinton takes over in January before we see any impact.'' Mr. Brian Hall, chairman of the Insurance Advisory Committee, said: "My first reaction is that it's too early yet to know one way or the other what Clinton will do.

"We clearly see Clinton's platform being somewhat protectionist and we wonder, therefore, what effect that would have on countries that have a dependency on the US.

"Many business and Government leaders in Bermuda will seek opportunities to meet with various Washington representatives to determine what direction the administration is going to take.'' Mr. Darrell said Clinton would be more of a domestic president and not pay as much attention to international affairs as Bush did.

"But on the other hand,'' he added, "if Clinton is able to get the US economy going again, we would benefit.'' Finance Minister the Hon. David Saul agreed: "It could turn out to be a plus-factor for tourism.

"I don't think there will be any bad effects. The result could turn out to be in our best interest if it spurs on the US economy and for psychological reasons encourages US consumers to spend. Americans would start travelling again, and hopefully come to Bermuda.'' US Consul General Mr. Ebersole Gaines, who was appointed by Mr. Buish and hosted Mr. Bush on each of his visits, said he had no comment to make.