08 Aug '11, 4am

A new global financial crisis will hit Asia harder than the last one, ratings agency S&P said

A new global financial crisis will hit Asia harder than the last one, ratings agency S&P said

The S&P statement took on a much darker tone when considering the possibility that its assumptions were too rosy, noting that Asia still relied heavily on exports to the West. -- PHOTO: AFP SYDNEY (Reuters) - A NEW global financial crisis would hit Asia harder than the last one, especially nations heavily exposed to offshore markets or still repairing budgets from the 2008-2009 crisis, credit ratings agency Standard and Poor's said on Monday. The agency, which incurred Washington's wrath at the weekend by cutting its AAA rating by a notch to AA+, said it was not predicting a rerun of the credit crisis that crippled markets and tipped the world economy into recession three years ago. But it warned of more sovereign downgrades in Asia next time around, if its assumptions turned out to be wrong. 'If a renewed slowdown comes, it would likely create a deeper and more prolonged ...

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

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