"Credit market turmoil poses the most severe crisis for banks in 30 years, surpassing Black Monday in 1987, the Asia currency crisis and the burst of the dot-com bubble, Morgan Stanley and Oliver Wyman said in a joint report."
And still people, media, Finnish Bank, Politicians and co are thinking that the finnish housing market won't be affected... are they living in the Moon (Mo-r-ons)?
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The International Monetary Fund cut today its forecast for global growth this year and said there's a 25 percent chance of a world recession, citing the worst financial crisis in the U.S. since the Great Depression.
While the Fed expects the economy to return to its long- term growth pace in 2009, ``in light of the recent turbulence in financial markets, the uncertainty attending this forecast is quite high and the risks remain to the downside,'' he said.
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