13 Aug '11, 4am

'More dangerous' times ahead: World Bank chief

'More dangerous' times ahead: World Bank chief

SYDNEY: World Bank chief Robert Zoellick warned of a "new and more dangerous" time in the global economy on Saturday, 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 le...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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'More dangerous' times ahead: World Bank chief

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