The ripple effects of America’s credit crisis are beginning to be felt around the globe, as expected. Monday saw the crumbling of several foreign financial institutions as European stocks echoed their American counterparts with heavy losses. Global Insight’s chief European economist Howard Archer believes that global financial catastrophes are going to worsen before they get any better. “…the more the turmoil and dislocation continues, the further this could spread,” he said, “We live in vicious times.”
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