01 Aug '11, 12am

No more 'absolutely safe investments': Munich Re chief: BERLIN - THE budget crises facing the euro zone and Unit...

BERLIN - THE budget crises facing the euro zone and United States mean there are no longer any 'absolutely safe investments,' the head of the leading global reinsurer Munich Re told a German newspaper. 'Absolutely safe investments, which we had been accustomed to for years, no longer exist,' , Nikolaus von Bomhard told Sueddeutsche Zeitung in an interview to be published on Monday. 'A state bond is no longer what it used to be - a safe investment in all respects,' said Mr Bomhard, who manages 200 billion euros ($346 billion) in assets. Mr Bomhard also warned that Europe would not be able to sustain further crises. 'Europe cannot bear new crises and new remedies to crisis' such as the efforts made to sustain the Greek economy, he said. He said he was also worried by the failure to reach a deal on raising the US debt ceiling. 'We could still bear a partial payment default of...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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