Worst of Crisis Ahead, More Banks May Hit Trouble: IMF By Reuters | 17 Sep 2008 | 05:49 AM ET
The worst of the financial crisis may still lie ahead and more major financial institutions may face trouble in coming months, IMF director general Dominique Strauss-Kahn said on Wednesday. The crisis risks weighing on the world economy, he said, though both developing and developed countries were showing signs of resilience, Strauss-Kahn told reporters after a meeting with Gulf Arab finance ministers and central bank governors. "It is a very serious financial crisis," he said. "The consequences for some financial institutions are still in front of us. We have to expect that there may be in the coming weeks and coming months other financial institutions with some problems," he said. Strauss-Kahn spoke the day after U.S. authorities engineered an $85 billion rescue American International Group , staving off bankruptcy for the insurance giant and bringing a measure of calm to shell-shocked global markets. "What we are experiencing these days is an increase in the downside risk and uncertainty, but we still believe that the world economy will recover in 2009," Strauss-Kahn said. "What is important to see is that it has an influence on the real economy but that the real economy is very resilient both in developed and emerging countries." ... [of course, he _has_ to say that.] Copyright 2008 Reuters. Click for restrictions. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
