'I LOOK FOR COUNTRIES WITH NO HUGE DEBT PROBLEMS'

Maria Fiorini Ramirez, manager of the MRF Global High Yield Fund, sees a brighter side to Asia's crisis.

ON INFLATION AND THE FED: ''The deflationary impact of overcapacity in Asia is likely to benefit the U.S. With some currencies devalued by 50%, price competitiveness will turn into a great advantage as [Asia] tries to export its way out of a contraction. Inflation should be on the back burner. The Fed can maintain current levels of short-term interest rates.''

ON DEMAND FOR U.S. TREASURIES: ''A flight to quality has left investors disappointed in emerging markets. Foreign demand for U.S. Treasuries is high. In December, 1995, foreigners held 25% of U.S. Treasuries; at yearend 1997, it was closer to 40%.''

ON INVESTMENT STRATEGY: ''I look for countries with no huge debt problems--much of Europe, including Greece. I also like Mexico, whose economy is linked to ours. The Philippines will probably sort out their problems fast: They don't have the debt burden.''

ON HER CONCERNS: ''If events spin out of control and Asian countries can't repay their debt, that could put economic stress on the people and cause social and political problems. This [scenario] hasn't been priced into the markets. To the extent that the problems spread out, they could affect our economy, markets, and companies.''

MARIA FIORINI RAMIREZ
President, Maria Fiorini Ramirez Inc. a global economic consulting firm