The President's Council on Year 2000 Conversion produced a glowing quarterly report, its second, yesterday on the progress of year 2000 projects across industries and government. But the report warns that the positive things cannot be said for projects overseas, particularly among developing nations.
The report asserts that mission-critical federal systems will be ready, and that national year 2000 failures are unlikely within the power, banking, telecommunications, and transportation industries. However, a number of small businesses and local governments are endangering themselves and others by adopting a "wait and see" approach that puts off any year 2000 repairs until something actually breaks.
While Canada and Mexico, the main trading partners of the United States, are making good progress on their year 2000 projects, "it now appears that a number of countries will experience Y2K failures in key infrastructures such as electric power, telecommunications, and transportation," the report asserts, concluding that "the source of our greatest risk" is overseas.