|
RRI newsletter subcription
(e-mail address):
|
 |
Archives:
|
|
| EFFECTS OF THE US FINANCIAL CRISIS 17/09/2008 |
| (2008-09-18) |
| Last updated: 2008-09-18 16:19 EET |
The bankruptcy of the Lehman Brothers investment bank, one of the oldest and most important banks in the US, the taking over of Meryll Lynch by the Bank of America and the last moment rescue of the largest US insurance company, AIG, from bankruptcy, by the intervention of the Federal Treasury have caused a shock-wave on the world financial market.
Stock exchanges in Asia and Europe have registered record lows in recent times, while others, like the stock exchange in Moscow has been closed down. In a globalised economy, the effects of such a crisis inevitably impacted Romania, although the Romanian authorities had ruled out the idea, saying the Romanian financial system was not correlated with the American one. Reality seems to contradict them. The Bucharest Stock Exchange (BVB) was severely hit by the shock-wave on international financial markets, witnessing the most dramatic drop in the past 3 years and a half, and the national currency, the leu, has considerably depreciated against foreign currencies, especially the Euro. The most severely hit are the shares of the Romanian Development Bank, the largest Romanian bank.
Local experts say the negative impact on the Bucharest Stock Exchange is normal, because the Romanian capital market is part of the European one. They say however the situation will not last, and bring such arguments as the record economic growth rate, disinflation and the decrease in oil prices on the world market. Economic analyst Radu Craciun says bank instability will primarily affect those who have got loans. Radu Craciun.
”Interests might increase by 0.20-0.30 percent. The impact on monthly rates will not be dramatic, but we are yet to see whether people got very large loans, the maximum they could afford, or if they have taken into account the possibility of paying additional costs”.
The mass media in Bucharest give wide coverage to the issue. ”The banking crisis in the US deals a heavy blow to European banks,” the daily GANDUL headlines. ZIUA puts it dryly “The financial crisis has reached Romania”. ZIARUL FINANCIAR headlines “The Bucharest Stock Exchange was severely hit by the crisis in the US” and makes a summary of the last days: the world banking system is in deadlock, central banks are pumping tens of billion of Euros or dollars onto the market to avoid a disaster, stock exchanges are collapsing, uncertainty persists. Some experts say bankruptcies mark the end of a financial crisis. Time will tell whether they are right.
|
|
| |
WMA |
|
64kbps : |
1
2
3
|
|
|
128kbps : |
1
2
3
|
| |
MP3 |
|
|
64kbps : |
1
2
3
|
|
|
128kbps : |
1
2
3
|
| |
AAC+ |
|
|
48kbps : |
1
2
3
|
|
|
64kbps : |
1
2
3
|
 Historical mascot of
RRI |
| |
© 1999 - 2011 Copyright Radio Romania International |
|
2025-04-03
Print
Listen again