Renewed fears about the length and severity of the financial crisis sent shivers through markets yesterday after an influential economist predicted a big American bank failure and said the worst was yet to come, reports The Independent.
Kenneth Rogoff, the former chief economist at the International Monetary Fund (IMF), warned that the financial sector was probably only halfway through the year-old crisis. "We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper," he said. "We're going to see a big one, one of the big investment banks or big banks," Speaking at a conference in Singapore, the economics professor at Harvard University added: "We have to see more consolidation in the financial sector before this is over." ALLIANCE & LEICESTER CHIEF EXECUTIVE David Bennet...
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