The world is now on the verge of a new financial crisis, the epicenter of which is public debt according to one of the world’s leading businessmen, and the head of the powerful U.S. investment fund PIMCO, Mohammed al-Aryan.
At an international conference in Washington on Thursday he warned that, the world is entering a second global financial crisis and that there is now a need for a coordinated intervention by leading countries concerning the operations of financial markets.
Substantial efforts and large investments are required in order to break the current vicious cycle of crisis.”
Al-Arjan made his statement after stock markets crashed in the European Union, when the major indexes of leading EU countries lost 4-5 percent of their value and fell to a two-year minimum.
Earlier Thursday, major stock markets recorded losses in Asia, but now there is also a drop in prices on the stock exchanges in North and South America as well.