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‘Significant chance’ of second financial crisis, warns World Economic Forum
Posted By admin On January 15, 2010 @ 8:41 am In Money Watch | Comments Disabled
London Telegraph 
Friday, January 15th, 2010
There is now more than a one-in-five chance of another asset price bubble implosion costing the world more than £1 trillion, and similar odds of a full-scale sovereign fiscal crisis, a key report warned.
Investors must steel themselves for the possibility of a second leg to the financial crisis, and should be equally prepared for a fiscal crisis, in which a major economy faces either default or a “sudden stop” in financing themselves on capital markets, according to the World Economic Forum.
Its closely watched Global Risks Report also warned of the possibility of China’s economy overheating and, instead of helping support global economic growth, preventing a fully-fledged recovery from developing.
The report, which comes a fortnight ahead of the WEF’s annual summit in Davos, which will be attended this year by many of the world’s leading businessmen and politicians, including Jamie Dimon of JP Morgan, Bill Gates, Bill Clinton and Nicolas Sarkozy. The report, produced in conjunction with Citigroup, Marsh & McLennan, Swiss Re, the Wharton School Risk Center and Zurich Financial Services, warns that the crisis has left leading economies acutely vulnerable to further problems.
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