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Zaki, Myret

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Le Temps - Switzerland | 22/01/2008

The stock exchange crisis is worrying Europe

"The crash of January 21st 2008 is reminiscent of other periods in history. But there is something unique about this situation", considers Myret Zaki. "This is not a moment of panic following an act of terrorism like in September 2001. Nor is this the reflection of an excessive evaluation due to the bursting of a speculation bubble, like in 2000. This time, the brutal fall in stock exchanges has occurred while company balance sheets are healthy, outside of the financial and mortgage sectors. This crash represents an adjustment to reality since investors have understood that financial markets are infected by faltering bonds. ... The return of investors on the stock exchange, once it has been 'cleaned-up', must imperatively be accompanied by a fundamental consideration of the link between an actual bond and the financial title that is connected to it."

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