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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Greenspan says recession still likely in U.S.: report ]

Greenspan says recession still likely in U.S.: report

Former Federal Reserve chairman Alan Greenspan was quoted on Tuesday as saying the United States was still more likely than not to have a recession despite relative stabilization in the economy in recent weeks.

"I still believe there is a greater than 50% probability of recession," Greenspan told the Financial Times in an interview published on the newspaper's website.

"(But) that probability has receded a little and I think the probability of a severe recession has come down markedly," said Greenspan.

He said it was "too soon to tell" whether the worst of the financial crisis was over as this would depend on what happened to house prices.

The Financial Times said Greenspan estimated house prices would fall by another 10% from their February levels, for a total peak-to-trough decline of roughly 25%.

If the economy was weak and the market overshot, house prices could decline by another 5%, he said.

"Such house price declines imply a major contraction in the level of equity in owner-occupied homes, the ultimate collateral for mortgage-backed securities," said Greenspan.

He said it was still not clear whether big financial institutions had taken all the writedowns they would need to take on higher rated tranches of mortgage-backed credit products.

Greenspan said he believed there was a "tug of war" taking place in the economy, with financial sector stress pulling one way and strong corporate liquidity pulling the other. Corporate liquidity was being eroded, but only gradually.

"No one knows how this tug of war will end -- specifically, whether the financial crisis will end before it drags down the real economy," said Greenspan.

The Financial Times said the main risk that Greenspan saw was that the household savings rate would move up more rapidly than most analysts expected as home equity fell, the labor market weakened and access to credit declined.



(Source: Financial Mirror)

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