Abdelkader Korini warns the Algerian government of serious negative consequences on the economy, due to the rise of loans which are granted to the families unable to pay them back, because of the world financial crisis.

• This problem needs urgent measures to control the banking operations, and focus more on creating jobs and investment opportunities in many sectors, instead of impoverishing the citizens through granting them loans they are unable to pay back.
• Korini told Echorouk ; “Tragic consequences will occur if the Algerian banks continue ignoring the surprising changes happening in the world”.
• He added; “This kind of crisis happened first after the Second World War in October 1966, it was called “The great credit crisis”, and today’s crisis is linked to the war in Iraq which put huge pressure on the U.S treasury, in addition to the weakness of the Dollar compared to the Euro, and the oil prices upsurge.
• He also said; “Ireland is officially considered the first country in the EU in terms of recession, after it lost 30% of its real estate since the beginning of 2008.
• The financial expert expected; “French economy will face the same problems during the future”.
• He confirmed; “The Euro will collapse, because Germany and Italy are on the verge of recession too”, he added; “The European Central Bank is focusing its efforts on reducing the inflation rate.