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Kuczyński, Piotr

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Gazeta Wyborcza - Poland | 23/09/2011

Europe sends US stock markets plunging

The chief of the US Federal Reserve, Ben Bernanke, warned on Wednesday that the state of the US economy is again in danger of worsening and announced the purchase of government bonds amounting to 400 billion dollars. Share prices on US stock markets promptly plunged on Thursday, but this wasn't necessarily the result of the announcement, writes analyst Piotr Kuczyński of the Polish investment company Xelion in a commentary for the liberal daily Gazeta Wyborcza: "It's not true that the massive losses on stock markets across the world are solely down to the statements made by the Fed boss. That would be too simplistic. ... The situation on the Old Continent remains very tense. The financial markets have reacted to the rating agencies' downgrading of the Italian banks. Moreover, rumours about [the liquidity problems at] French banks as well as the situation in Greece are frightening investors where the problems remain unsolved."

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