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Wednesday, 20 August 2008

Ex-IMF Chief Economist Predicts US Bank Collapse

LONDON -- The global financial crisis is set to get worse, with a large U.S. bank likely to collapse in the next few months, a former International Monetary Fund chief economist has warned, the BBC reports on its Web site Tuesday.

Kenneth Rogoff said that despite hopes that the U.S. economy had turned the corner, it was "not out of the woods."

"I would even go further to say "the worst is to come'," he said.

"We're not just going to see mid-sized banks go under in the next few months," said Rogoff, who held the IMF role between 2001 and 2004.

"We're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks," he said at a conference in Singapore, the BBC reports.

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