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What the world's big guns say about the meltdown
October 17, 2008
The developing countries will suffer for no fault of theirs. They did not cause the contagion. Many are not well-equipped to face the consequences: P Chidambaram, Finance Minister, India
When the American taxpayer is getting ready to spend one thousand billion dollars to avoid generalised bankruptcy, it seems the legitimacy of public powers to intervene, in the functioning of the financial system, is no longer in question: Nicolas Sarkozy, President, France
It's like bad weather. That's how I see it. We've got a hurricane coming towards us and there's nothing to be done but hunker in: Tom Norman, British citizen
When a bubble bursts and the financial system gets destabilised, providing liquidity is not enough to overcome a crisis. Unless financial institutions get recapitalised by raising funds in the markets or receiving public funds, the financial crisis will not end. That's the lesson (America) should learn from Japan's financial crisis: Yutaka Yamaguchi, deputy governor, Bank of Japan during part of Japan’s financial crisis
Electronic screens tell you everything and when they turn red few are brave enough to do nothing. Fear breeds fear and panic breeds panic. It is fairly clear from. . . that a company's share price under these circumstances does not necessarily relate to the underlying soundness of the business: Angela Knight, chair, British Bankers Association
Image: France's President Nicolas Sarkozy at a press conference in Brussels. | Photograph: Jean-Christophe Verhaegen/AFP/Getty Images
Also read: America's largest bankruptcies
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