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02 September, 2011

Financial Crisis Is Too Big for Developed World to Cope, Ex-IMF Head Says - Bloomberg

Financial Crisis Is Too Big for Developed World to Cope, Ex-IMF Head Says - Bloomberg: "The crisis threatening the global financial system exceeds the capabilities of developed nations and requires a new International Monetary Fund 'debt facility,' former IMF head H. Johannes Witteveen said...

... Renewed signs of economic weakness globally and the downgrading of U.S. debt by Standard & Poor’s have rekindled concern about the quality of government borrowing, especially in Europe. Slumping confidence has wiped $8 trillion from the value of equities in four weeks.

The leaders of euro zone nations have done everything politically feasible to counter the crisis, while the European Central Bank and the U.S. Federal Reserve are close to the limit of their capabilities, Witteveen said..."

1 comment:

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