The Hellenic Radio (ERA): News in English, 10-01-27

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] High-Profile Economists and Investors Meet in Davos

Bankers and politicians are expected to cross their swords with one another at the Davos forum, where they are to decide whether to set strict rules for the credit system. The forecast of leading analysts, those who predicted the global financial turmoil, is highly anticipated. Their first estimates are rather gloomy, as they think they situation is still volatile.

Last year, they chose to abstain, but this year bankers have returned to Davos. However, they have avoided being lavish, since the climate remains negative for the golden boys.

World leaders want measures, lest the people should have to pay the mistakes of the bankers again.

US President Barack Obama is planning to impose strict limits in the banking sector, thus winning Jean-Claude Trichet's backing.

Bankers, on the other hand, claim that over-protectionism will kick banks out of New York and London and send them to other financial centres, including Singapore and Zurich.

Economist Nouriel Roubini, who rose to fame after predicting the potential for a financial crash, billionaire investor George Soros and Nobel-awarded economist Joseph Stiglitz keep speaking of weak labour markets and economic uncertainty. All three claimed that the measures taken so far are insufficient and they did not rule out further downturn.

With the political and economical elite already in the snow-capped Swiss resort, developments in the Forum are always unpredictable. What is unquestioned is that Europe is constantly losing ground towards the emerging economies. The Asian nations were not that much affected by the crisis, with China being the only player capable of having a role equal to that of the USA, as the Copenhagen summit showed.

Source: NET News item: 32533

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