World Bank Chief Economist warns of a major financial crisis emerging from coronavirus pandemic
|The coronavirus pandemic is likely to transform into a major financial crisis, World Bank Chief Economist Carmen Reinhart warned in an interview with Bloomberg Television.
Key quotes
“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences.”
“There’s a long road ahead.”
“This is a war. During wars governments finance their war expenditures however they can and right now there are dire needs”
“The scenario we are in is not a sustainable one.”
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