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Tuesday, October 9, 2007

Subprime Crisis Will Not Peak Until 2009:




October 9 2007 CNBC.com
The U.S. subprime housing crisis will not peak until 2009 and total defaults could reach $150 billion, rating agency Standard and Poor's said on Tuesday, but robust emerging markets would help keep global growth strong. "World growth remains strong despite the weaknesses seen in the U.S. economy -- especially in emerging markets because of healthy domestic demand conditions and export strength to non-U.S. market," S&P said in a report released in Mumbai. "The fact that the U.S. slowdown is concentrated in housing, which has relatively low import content, helps," it said. Emerging markets were far less vulnerable to credit market turmoil than during previous crises because of the capital flows attracted by high economic growth coupled with improved corporate governance standards, S&P said.

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