Tuesday, 18 November 2008

Global financial meltdown to last for some more time: Fin Min

Durban, Nov 18 (PTI) South Africa's Minister of Finance, Trevor Manuel, says that the world financial crisis is likely to last for some more time, even as long as for another five years.
Manuel, who has just returned from the G20 summit in Washington, was addressing delegates at a conference of financial educators in Johannesburg on Monday night.

Manuel said the financial crisis would affect almost every country in the world. "The current impact was too deep to be resolved soon. He said even if the G20 countries find answers to the current economic crisis, there was a little chance that the problems would disappear soon." He blamed lack of education on the markets, regulation and supervision for the turmoil. He called on banks to take greater monitoring measures so that both the banking industry and the consumers would be protected. PTI

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