topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2246.03 -1.08
DAX 6726.31 -0.92
IBEX 30 8840.5 -0.69
CAC 40 3400.28 -0.71
FTSE 100 5874.76 -0.35
AEX 322.61 -0.77
DJIA 12890.46 0.05
Nasdaq 2927.23 0.39
FTSE MIB 16567.97 -0.52
TSX Composite 12497.94 -0.18
ASX 4322.6 -0.79
Hang seng 20783.86 -1.08
Straits Times 2960 -0.71
ISEQ 20 502.92 -0.16
You are here: Home News Belgian News Financial crisis 'far from over'

Belgian News

archive
Enlarge font Decrease font Text size


01/04/2009Financial crisis 'far from over'

Swiss watchdog says the recession could damage more institutions.

GENEVA - The financial crisis is "far from over," the director of Switzerland's markets watchdog assessed Tuesday, noting that fresh shocks could bring down more institutions.

"The crisis has substantially weakened many organisations. While the markets have calmed down a bit, they are still fragile," said Patrick Raaflaub, director of the Swiss Financial Market Supervisory Authority (FINMA).

"Fresh shocks could result in further price falls, and even threaten the solvency of some institutions."

Speaking at FINMA's annual conference, Raaflaub said a recession was in "full swing," and added that "the crisis is far from over."

"The economic slump is causing increased credit defaults, forcing banks to take write-downs and in turn placing a higher claims burden on insurance companies," he said.

Government aid programmes, including the nationalisation of some banks, are "damaging international cooperation in these difficult times" as politicians act for domestic interests, he said.

Raaflaub also said the political and economic climate was "raising doubts about the viability of established areas of business and even entire business models."

AFP / Expatica


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating


0 reactions to this article

Be the first person to add a comment
Discussion Forums

English in Belgium

ascent of language in belgium

Family in Belgium

Question about summer program/camp in Belgium

Healthcare in Belgium

How to find a good Physio and optometrist?

Jobs in Belgium

IFAs / FSIs / Country Managers / Confidential Introducers

Housing in Belgium

Flatmate Wanted as from mid February – SPACIOUS DUPLEX/PENTHOUSE

participate in the forums

Inside Expatica
Looking for work in Belgium

Looking for work in Belgium

This handy guide from Expertise in Labour Mobility includes how to write a CV, application procedure, interview dos and don'ts, Belgian management culture.

Practical, easy-to-use, free and... in English

Practical, easy-to-use, free and... in English

Belgium’s first alternative directory assistance services - available through the shortcode 14-14 - can now be accessed on the internet.

Finding a rental home in Belgium

Finding a rental home in Belgium

Moving to Belgium presents a host of challenges to expats, not least of all finding the right home.

Learning to cope with life abroad

Learning to cope with life abroad

The psychological effects of global mobility can be physically painful.