|
|
|
 
 
 
 
|
|
|
|
|
||
|
| ||||
| ||||
| ||||
| ||||
| ||||
|
|
|
World losing confidence on current American financial systems
Smaller countries are far more in trouble that the European Union and the United States as the current financial meltdown accelerates. The root cause of the crisis is American and European greed centered on subprime mortgages, commodity price bubble supported by hedge funds, and private equity funds.
Hungary is an ideal example. Hungary's government and opposition failed to reach an agreement on measures to stem a crisis that battered local markets and forced the country to seek help from the International Monetary Fund and European Central Bank.
In a ``national summit'''' called by Prime Minister Ferenc Gyurcsany, the government and central bank urged cutting the budget deficit faster than previously planned to stabilize financial markets, while the opposition, which is more popular than the ruling Socialist Party, called for reducing taxes to accelerate growth.
The global financial crisis is hitting more vulnerable emerging markets as investors shunned riskier assets in a flight to safety. Hungary's stocks, bonds and currency plunged this week, Fitch Ratings and Standard & Poor's cut the outlook on the country's debt, while the government was forced to lower its economic growth forecast for next year.
The smaller countries and the third world nations have started voicing against a faulty financial system skewed towards American and European interests.
SMART LIVING & INVST. ARTICLES
|
|
| Click here to get ad specs and place your ad or Click here to contact the advertisement department |
Send Letters to the Editor
|
Add RSS headlines