JAMAICA IS taking a wait-and-see approach to the current financial crisis now affecting the economy of the United States.It is uncertain how long the 'storm' will last as major financial institutions continue to crumble under the weight of a subprime mortgage disaster that has forced the US Government to craft a US$700 billion bailout plan for banks. Up to press time yesterday, the legislators were yet to approve the plan.

One of America's largest banks, Washington Mutual, was the latest casualty last week, as regulators moved in to close it down Thursday and sold its accounts and home loans to JP Morgan Chase for US$1.9 billion, according to reports.

n a bid to ease anxiety here, Prime Minister Bruce Golding told representatives of the Jamaica-America business community in New York Thursday that the island's net international reserves (NIR) were sufficient to keep the economy afloat if a monetary crisis emerged. The NIR stands at approximately US$2.4 billion.