• 6 AUGUST - *1907 - Gen. Macario Sakay, one of the Filipino military leaders who had continued fighting the imperialist United States invaders eight years into the Ph...
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Asia faces tougher battle in new world slowdown focus 08/11/2011

Thursday, August 11, 2011

Asia faces tougher battle in new world slowdown

focus

08/11/2011
SINGAPORE — Asian economies still scarred by the 2008 world recession are likely to have a harder time grappling with a new round of turmoil than they did three years ago, regional analysts said.

Fears of a new global meltdown are growing after the United States received a credit downgrade for the first time and markets tumbled on expectations that Italy and Spain could join other European countries in seeking a bailout.

“Back in 2008, rotten debt in the banks was the problem,” Singapore’s DBS Bank said in reference to global financial rescue measures that helped bring economic growth back on track.

“Governments took the debt off the banks — and spent a lot of money propping up economies — and now they themselves are in trouble. That’s why the situation may be worse than before: there’s no one left to turn to.”.... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110811com6.html

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