Główny temat z dnia Wtorek, 22. Styczeń 2008

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The stock exchange crisis is worrying Europe

On January 21st, the world's stock markets experienced their greatest fall since September 11th 2001. The world economy continues to suffer the consequences of the sub-prime crisis in the United States. Is recession inevitable ?

Le Temps - Szwajcaria

"The crash of January 21st 2008 is reminiscent of other periods in history. But there is something unique about this situation", considers Myret Zaki. "This is not a moment of panic following an act of terrorism like in September 2001. Nor is this the reflection of an excessive evaluation due to the bursting of a speculation bubble, like in 2000. This time, the brutal fall in stock exchanges has occurred while company balance sheets are healthy, outside of the financial and mortgage sectors. This crash represents an adjustment to reality since investors have understood that financial markets are infected by faltering bonds. ... The return of investors on the stock exchange, once it has been 'cleaned-up', must imperatively be accompanied by a fundamental consideration of the link between an actual bond and the financial title that is connected to it." (22/01/2008)

» Artykuł (Link zewnętrzny, francuski)
Więcej z przeglądu prasy na temat » Rynki finansowe, » Cały świat
Wszystkie dostępne teksty » Myret Zaki

Libération - Francja

Interviewed by Christian Losson, professor of economy Michel Aglietta explains why Europe is bound to be most affected in a grave crisis. "Ireland, the United Kingdom and Spain are going through a real-estate crisis that has a lot in common with the United States, though financing techniques differ with price bubbles, loans with variable inflation rates and excessive debts. The real-estate sector is going to crumble, if not collapse, and take its toll on the banks, which are considerably implicated. Germany, currently plumped up with its exportation, will also find itself with a bit of a chill. As for France, a country dreaming of 2 % growth, it's crazy. The most we can hope for is 1.5 %. Europe will be paying the price for its inert presence in globalisation. Incapable of mobilising a budgetary and monetary policy like the United States, it will take more time to recover." (22/01/2008)

» Strona www (Link zewnętrzny, Libération)
Więcej z przeglądu prasy na temat » Rynki finansowe, » Cały świat
Wszystkie dostępne teksty » Michel Aglietta, » Christian Losson

Der Standard - Austria

Eric Frey tries to explain the market crash: "The most powerful poison for markets is insecurity. Monday's major collapse of stock markets in Asia and Europe - Wall Street enjoyed a reprieve because of the national holiday - was not brought about by a new understanding of the world economy and banks, but rather by the opposite: no one knows what's actually going on in the global economy. … A recession in the USA would certainly hit Asia, and ultimately the EU as well. The oft-repeated hope - most recently expressed by Christian Noyer, governor of the Bank of France - that Europe's economy would uncouple from the recession in North America and continue to grow, has proven to be illusory up to now. And it's unlikely to be any different this time, either.” (22/01/2008)

» Artykuł (Link zewnętrzny, niemiecki)
Więcej z przeglądu prasy na temat » Rynki finansowe, » Cały świat
Wszystkie dostępne teksty » Eric Frey

La Libre Belgique - Belgia

Ariane van Caloen considers that "this crisis is worrying because it shows that banks still don't know what is on their balance sheets, credulously placing their trust in the often too flattering assessments that evaluating agencies give to debtors and different financial products. Long gone is the time when a banker had a clear idea of who the final borrower was. In today's world, liquidity is conveyed through countless opaque vehicles that seem to escape any surveillance. How can it be possible that numerous financial institutions, always on the lookout for higher returns, took so many risks without anyone sounding the alarm bell? This question is no doubt being asked within surveillance organisations without any answer being provided." (22/01/2008)

» Dalsze informacje (Link zewnętrzny, francuski)
Więcej z przeglądu prasy na temat » Religia, » Polityka gospodarcza, » Francja, » Cały świat
Wszystkie dostępne teksty » Ariane van Caloen

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