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March 5, 2008    

Financial crisis could continue for months say HSBC

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by Kay Murchie
”Financial

HSBC, the UK’s largest bank, has warned that the credit crisis could continue for months and said 2007 was ‘the worst financial crisis the world has seen for at least 30 years‘.

The bank’s Chairman, Stephen Green, said I don’t think it is over. Indeed, it’s clear that it’s going to go on, possibly for many months.

Mr Green added the US economy may well get more difficult before it gets better. The housing market in the US may well get more difficult before it gets better. There are lots of headwinds.

The statement came after HSBC’s announced its profits had increased 10% last year to $24.2 billion (£12.2 billion), following strong growth in Asia, Middle-East and Latin America. Its results were better than many analysts had predicted

Earlier this year, billionaire investor George Soros said the world was facing the worst financial crisis since World War II and faced the end of a 60-year ‘super boom’.

Mr Soros warned that the current financial crisis resembles other crises since the end of the second world war at intervals ranging from 4 to 10 years.

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