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Showing posts from August 13, 2011

'More dangerous' times ahead: World Bank chief

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Robert Zoellick, President of the WORLD BANK
World Bank chief Robert Zoellick warned of a "new and more dangerous" time in the global economy today, with little breathing space in most developed countries as a debt crisis hits Europe.
Zoellick said the Eurozone's sovereign debt issues were more troubling than the "medium and long-term" problems which saw the United States downgraded by Standard and Poor's last week, sending global markets into panic.
"We are in the early moments of a new and different storm, it's not the same as 2008," said Zoellick, referring to the global financial crisis.
"In the past couple of weeks the world has moved from a troubled multi-speed recovery -- with emerging markets and a few economies like Australia having good growth and developed markets struggling -- to a new and more dangerous phase," he said in an interview with the Weekend Australian newspaper.

People were in less debt than during the credit crun…