Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tunisia's Parliament votes on new Government

Read more

MEDIAWATCH

French court rules #burkini ban "clearly illegal"

Read more

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

Read more

Business

Former FED boss calls for nationalisation

Latest update : 2009-02-18

Former Federal Reserve chairman Alan Greenspan declared in an interview with the Financial Times that he would approve a temporary nationalisation of certain US banks in order to restructure them.

AFP - The US government may have to temporarily nationalize the country's banks until the sector is reformed, the former chairman of the US Federal Reserve, Alan Greenspan, has said.
  
In an interview with the Financial Times published on the paper's website on Tuesday, Greeenspan said "it may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring."  
  
Long one of the world's most powerful proponents of hands-off financial regulation, Greenspan indicated nationalization may now be necessary.
  
"I understand that once in a hundred years this is what you do," he said.
  
Widely hailed while in office, Greenspan has seen his legacy tarnished since he stepped down in 2006, as critics accuse him of failing to head off the current economic malaise.
  
"In some cases, the least bad solution is for the government to take temporary control," he said.

Date created : 2009-02-18

COMMENT(S)