Tuesday May 13, 12:03 PM
Former IMF MD Rato says U.S. property slowdown has not touched bottom
MADRID (Thomson Financial) - Former International Monetary Fund managing director Rodrigo Rato said the slowdown in the U.S. property sector 'has not yet touched bottom.'
Speaking at a meeting of Repsol YPF (Madrid: REP.MC
- news) executives, Rato said: 'We are amidst a certain crisis which will have to be faced for a period of time yet.'
Nevertheless, he said that all of the negative newsflow from the U.S. and Europen banks should be known by the end of the second half.
Speaking at the same event, former Spanish prime minister Felipe Gonzalez said the '(global economic and financial) correction will be tough but fast.'
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