The perfect storm leading to a global recession: . Recent developments suggest that all G7 economies are already in recession or close to tipping into one. Other advanced economies or emerging markets (the rest of the eurozone; New Zealand, Iceland, Estonia, Latvia, and some Southeast European economies) are also nearing a recessionary hard landing. When they reach it, there will be a sharp slowdown in the BRICs (Brazil, Russia, India, and China) and other emerging markets. Morgan Stanley Says Financial Crisis Will Last: Report: "We will likely see more insolvencies among small U.S. regional banks that have focused on mortgage business," Lehman Brothers in talks over sale of $40bn real estate assets: Lehman Brothers, the Wall Street investment bank, is understood to be in talks to sell its entire $40 billion (£21.5 billion) real estate portfolio in a move to stem losses incurred during one of the worst property slumps since the Great Depression.
Tuesday 19 August 2008
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