Date: 3 months ago   Category: Finance

The former head of the ECB has declared risk of the new global financial crisis — Rambler News Service


Increase in volume of debts has made a world financial system same vulnerable what it was 10 years ago when in the world financial crisis raged, the former director of the European Central Bank (ECB) Jean-Claude Trichet has said, Yahoo tells. Trichet headed the ECB from 2003 to 2011, and before was the head of the Central Bank of France. According to him, today among experts there is a consensus that financial crisis which has burst in the world in 2007-2008 has begun because of excessively high level of debt in the countries with market economy. "Growth of debt, especially in the private sector, was slowed down in the developed countries, but this delay is leveled by growth of debt in emerging economies... It does a world financial system at least same vulnerable what it was in 2008 if it is no more" — Trichet has said in AFP interview. At the end of May the American billionaire George Soros has said that the world can face new global financial crisis from which Europe will most of all suffer.

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