/24-7PressRelease/ - MUMBAI, INDIA, September 14, 2007 - Major investment banks have raised their average growth forecasts for South Korea in 2008.
The drop in confidence in credit markets will last longer than any of the previous financial crises of the last 20 years, the US Treasury Secretary has warned.
According to Hank Paulson, who based his prediction on his experience as an investment banker during the Asian and Russian financial crises in the 1990s and the Latin American debt crisis of the 1980s, the current period market turmoil will "take longer to resolve".
Mr Paulson added that the time it takes confidence to recover will be prolonged because of the "more globalised" nature of today's financial markets, which has meant that US mortgages are even having an impact in such unlikely places as state-overseen regional banks in Germany.
He also identified the complexity of the financial products involved as a contributory cause, stating that he was having daily meetings with bankers who are attempting to value asset-backed commercial paper.
Mr Paulson's comments came as Jean Claude Trichet, president of the ECB, stressed the need for stringent regulations to be put in place by global banking authorities to prevent a repeat of the recent American situation elsewhere.
Copyright and Disclaimer:
Copyright 2007, Aranca. All Rights Reserved.
All the contents of this Site are only for general information or use. They do not constitute advice and should not be relied upon in making (or refraining from making) any decision.
Editors/Journalists/Blogs are invited to request republishing/dissemination rights. All requests to republish Aranca material for distribution should be addressed to:
Aranca Syndication Service at syndicate@aranca.com.
Tel: +91.22.4005 2219 / +91.22.6725 8115
About Aranca
Aranca is an end-to-end provider of on-demand, investment, business and
economic research, and valuation services to global clients. Our unique
blend of market knowledge,flexible servicing models, quality assurance
standards and offshore operations reward our clients with high quality,
scalable, cost-effective research and valuation services. With client facing
offices in San Francisco, New York, London, Brussels and Mumbai.
---
Press release service and press release distribution provided by http://www.24-7pressrelease.com# # #
Read more Press Releases from Srinivas Macha:Other Press Release Headlines:
