Monday, December 22, 2008

World Faces "Total" Financial Meltdown

The governor of the Bank of Spain issued a bleak assessment of the economic crisis, warning that the world faced a "total" financial meltdown unseen since the Great Depression.

"The lack of confidence is total," Miguel Angel Fernandez Ordonez , also a governing council member of the European Central Bank, said in an interview with Spain's El Pais daily.

"This is the worst financial crisis since the Great Depression" of 1929, he added.


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