Worst Of Financial Crisis Over?
July 3rd, 2009
The Swiss-based Bank for International Settlements, the only international organisation to predict the global financial crisis, is now saying the worst of it has probably passed. The bank says “glimmers of hope” are sparking a “rebound of risk appetite among investors,” pushing up borrowing by more than a quarter so far this year. In its latest quarterly report it says economic data is turning out to be less gloomy than expected, particularly in the US.
The bank says “the key economic indicators remain at depressed levels, but investors are focused instead on incipient signs economic conditions are deteriorating less rapidly than before, while intensified policy actions to counter the crisis have helped bolster confidence.” The Bank for International Settlements distinguished itself from the IMF, the World Bank and the OECD by pointing to the dangers of a global financial crisis in 2007.
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