09 May '11, 9pm

Risk of crisis if US loses AAA rating: GIC

SINGAPORE - A major crisis could erupt if the United States loses its triple-A credit rating, according to Government of Singapore Investment Corp (GIC) deputy chairman and executive director Tony Tan. "We face the possibility of another major financial and economic crisis if the world's risk-free asset, hitherto US bonds, loses its AAA credit rating in a disorderly manner," Dr Tan said at a 30th anniversary conference of GIC yesterday. Speaking at the same event, Prime Minister Lee Hsien Loong, who is also a deputy chairman of GIC, said: "The US has had its credit rating put on negative watch. It hasn't affected bond rates so far. But whether or not the rating agencies' views affect the market, the reality of the unsolved problem is that this fiscal challenge is looming and growing. That must eventually affect the confidence in the economy and the ability of Americans to ...

Full article: http://www.todayonline.com/Business/EDC110510-0000056/Ris...

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