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With such a forecast was made by Chairman of the Supervisory Committee of the Organization for Economic Cooperation and Development and a former chief economist of the Bank for International Settlements, William White, quoted him as saying Vesti.Ekonomika.
He noted that the current situation can be an excellent test of the strength of the social and political stability.
"The debts in the past eight years continue to grow and they have reached a level in every part of the world, which can cause serious damage," - said the economist, adding that many of them will never be repaid.
White also notes that even on the eve of the economic crisis in 2007, the situation was better than it is now.
"The question is only if we face the truth and organized to respond to what we are waiting for, or response will be chaotic," - he said.
He predicted that European lenders will have to face major cuts the amount of debt borrowers. In particular, European banks have recognized the existence of non-performing loans by $ 1 trillion.
These banks, says White, is too open to emerging markets and is likely to prolong the "bad loans", details of which were not disclosed.
White believes that an important part of the problem is just emerging markets, but they also become part of the solution after the bankruptcy of the bank Lehman Brothers, "thanks" to which the global financial crisis has turned into the most critical phase in 2008
In the markets formed "credit bubble" because of quantitative easing and zero interest rates prevailing on the background of the situation with Lehman Brothers. According to Canadian economist, their debts have grown to "unprecedented heights".
White forecasts have a special resonance, because he is one of the few representatives of the central banking fraternity clearly and distinctly argued in 2005-2008. about the alleged collapse of the western financial system.
It is unclear what will be a catalyst for the next crisis, but the White draws attention to the devaluation of the Chinese currency, which could "empty metastases."
As reported by the "Observer", formerly known financier George Soros said that the global financial markets were signs of a new financial crisis.
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