09-10-2007
Credit crisis is no storm in teacup
News from Simply Business - independent providers of business insurance, business finance, landlords insurance, buy-to-let mortgages, commercial mortgages and information for small businesses.
The current crisis of credit is not a storm in a teacup, an expert has claimed.
According to comments made by the outgoing managing director of the International Monetary Fund (IMF) Rodrigo Rato, the current crisis is serious and should not be viewed lightly.
Mr Rato made his comments, which may cause concern to mortgage holders, in an interview with the Financial Times. "Policymakers should not think that the problems will stay at the desk of the bankers," said Mr Rato. "Problems are going to come to the real sector, come to the budgets - that is something we keep telling people," he added.
Mr Rato also expressed caution that the dollar is currently undervalued.
Established in 1945, the IMF is now an organisation of 185 member countries, after the acceptance of Montenegro as a member in January 2007. Other members of the organisation include Australia, Brazil, Russia and the United Kingdom.
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