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The global financial crisis hasn’t ended, said Harvard University professors Kenneth Rogoff and Niall Ferguson, who challenged assertions made by Group of 20 leaders at their meeting in Pittsburgh last month.
“The G-20 is right that it’s over for all the banks they guaranteed,” Rogoff, 56, a former chief economist at the International Monetary Fund, said yesterday in an interview with Bloomberg Radio. Even so, as a consequence of bailouts and stimulus measures, “the financial crisis may eventually morph into a government-debt crisis.”
G-20 leaders last month adopted a framework for more durable economic growth as they sought to prevent a replay of the worst crisis since the Great Depression.
Rogoff, Ferguson Say Global Financial Crisis Is Not Yet Over