ASIA: impact of US recession in Asia and Australia
Updated
The jury is still out on whether the unusual measures announced by the US Federal Reserve to pump money into the global financial system will work. The US Federal Reserve is being joined by the central banks of England, Europe, Canada and Switzerland in a coordinated intervention. The hope is to avert a crisis in credit markets which could tip the US and the world into recession. A special lending facility is being set up to make it easier for banks to get loans, beginning with an injection of 40-billion dollars as soon as next week.
Presenter: Karon Snowdon
Speakers: Tim Harcourt, Chief Economist with the Australian Trade Commission, Paul Krugman, Economic Professor, Princeton University; Professor Richard Vietor, Harvard Business School.
