The current crisis in the world financial markets is the worst "in 60 years", billionaire investor George Soros wrote in the Financial Times today.
In his comment piece, Soros warned that while a global recession could be held off by strong growth rates in the developing world, the danger was that the resulting political tension from a rebalancing of international economic power could "plunge the world into recession or worse".
His remarks come after the US Federal Reserve surprised observers by cutting interest rates by 75 basis points to 3.50 per cent, providing some much-needed relief to battered financial markets that had suffered heavy losses in recent days.
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