U.S. Bankruptcies, A Portent of Worse Things to Come

U.S. Bankruptcies, A Portent of Worse Things to Come

The bankruptcy of five global financial services firms based in the U.S. is not yet the worst that could happen. There is yet no end in sight to the current convulsion of the crisis in the U.S.. If things do not bode well for the U.S., more so for the Philippines. There is no truth to the claims of the Arroyo government that the country would hardly be affected by the crisis in the U.S. as the exposure of local banks to Lehman Brothers is limited. The impact of the recession and bankruptcies in the U.S. on the Philippine economy is far greater than that.
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