Word: bankes
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Dates: during 2000-2009
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While calming the general public is critical, nobody has yet figured out how to deal with a fundamental cause of this crisis: banks' loss of confidence in each other. They are so nervous about so-called "counterparty risk" - the possibility of not being repaid - that they have stopped lending to one another, bringing credit markets to a grinding halt. "We know who the strong banks are, but we don't know who the strong banks are exposed to," explains Simon Maughan, banking analyst at MF Global in London. In this treacherous environment, a bank doesn't just worry about...
...troubles were exacerbated when the U.S. House of Representatives rejected a $700 billion rescue package for banks across the Atlantic on Sept. 29. For all the difficulties the Bush Administration has encountered as it tries to push through that package, there's a crucial difference between the U.S. response and the European one: in Washington, Treasury Secretary Hank Paulson has been working closely with Fed Chairman Ben Bernanke to craft a systemic response to what has turned into a systemic crisis. In the 27-nation European Union, by comparison, there is no single bank regulator and no mechanisms by which...
...central bankers to hike interest rates, hoping to cool off overheating economies and keep a lid on rising costs. But inflation worries have eased with recent sharp declines in the prices of oil and other commodities. Now policymakers are opening the money taps again. In September China's central bank lowered its key interest rate to 7.2%, the first cut since 2002. More central banks are expected to follow. "We're going to move from monetary tightening to monetary loosening in Asia," says Manu Bhaskaran, a Singapore-based economist with the Centennial Group. "Inflation is yesterday's story...
...chief investment officer at SRM Realty Advisors in New Delhi. China, where construction of commercial and residential projects has been especially rampant, may be facing "an imminent bust of a real estate bubble," Merrill Lynch warned in a September report. A recent survey of households by China's central bank found only 13% were planning to buy property, the lowest figure since the survey started in 1999. In the wealthy industrial city of Shenzhen, reports suggest property prices may have fallen 30% from recent highs...
...Thousands of Indians like the Reges are having similar doubts. Just as credit-happy Americans are being brought low by a housing-market meltdown and slowing economic growth, so too are Indians learning the downside of personal debt. Over the past five years, Indian banks, finance companies and retailers introduced a Western-style banquet of financial products to the country's rising middle class, whose members began tapping credit cards, consumer loans and installment plans to buy automobiles, washing machines, vacations - all those trappings of upward mobility that the few who could afford them once proudly purchased with cash...