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Greenspan believes economy is stabilising
South Africa News.Net
Friday 9th May, 2008
Former Federal Reserve Chairman Alan Greenspan has said he believes the worst of the credit crisis is over.
In a speech made in New York, Mr Greenspan said house prices still had a long way to fall and that it was unlikely they would stabilise by year-end.
While he said that U.S. growth was likely to be slow for an extended period, a doomsday scenario was unlikely.
The U.S economy is reeling from a housing-led slowdown, with some analysts convinced it is already in a recession despite a 0.6 percent growth rate in the first quarter.
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