Shadow finance minister: $700 bil. not enough to heal financial crisis

September 30th, 2008 - 4:32 pm ICT by Amrit Rashmisrisethi  

Deputy Secretary-General of the Democrat party Korn Chatikavanij (กรณ์ จาติกวณิช), and also a finance minister of shadow government, points out that the US’s money amount of $700 billion to bail out its financial system may not be adequate to heal crisis. He says Stock Exchange of Thailand (SET) index slumped yesterday (September 29th) as investors did not believe that the plan would help iron out crisis.

Mr. Korn says the budget can not help restore confidence in financial institutions, and they express concern over consequences with non-financial institutions as well. He says the crisis will also affect consumption sector in the United States of America, which will later on affect the global economy.

Mr. Korn states that Thailand needs to adjust itself, and the Government should understand and tell the truth to private and public sector, adding that the Government should also promote exports to Asian countries. He calls for a disclosure of investment information from the Social Security Office and Government Pension Fund in an effort to prevent possible impacts from the US financial crisis. He advises at the same time, the Government should recall confidence to Thai investors to be prepared from the changes to economy.

Source : National News Bureau, Public Relations Department of Thailand

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