Tuesday, February 23, 2010

Ex IMF chief predicts more turbulance ahead

Former IMF chief says sovereign defaults will happen

Kenneth Rogoff, the former International Monetary Fund (IMF) chief economist, says numerous nations will default on their debts in the coming years. According to Bloomberg, Rogoff told delegates at a forum in Tokyo today that financial markets will continue to drive up bond yields meaning indebted European nations such as Greece and Portugal will “have a lot of troubles”. Rogoff, who is now a Harvard professor, said: “We usually see a bunch of sovereign defaults following bank crises, say in a few years. I predict we will again. It’s very very hard to call the timing, but it will happen.”

Posted by jack c @ 06:16 PM (1101 views)
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