Financial crisis crawling

From the sinking US economy, the financial crisis is crawling to affect an increasing number of countries in Europe, the Middle East and Asia.

• Canada
• The global economic crisis spread over to the whole North America. It will inevitably head into a recession, prominent U.S economist and trader Dennis Gartman said Sunday.  “We are your biggest client, you are our biggest client and for the next six months or so we are going to drag Canada down with us. That’s just a very normal circumstance” said Gartman, author of “The Letter”, during an interview with Canadian Television.
• “Wherever you go, whether it’s in New York, whether it’s in Cleveland, whether it’s in Virginia, even last week when I was in Toronto, you talk to people and retail sales are very weak”, Gartman adds. Ottawa has warned Canada’s economy will slow in the coming months but believed a recession will be avoided and the government will post a modest surplus this fiscal year.
• As for the G20 meeting to be held Nov.15 in Washington, Gartaman believes it will not accomplish much, as the countries will hesitate to do anything until a new president is installed in the White House in 2009. “Until the new regime takes over in January, doesn’t anybody think they’re going to take direction from the US? The answer is probably not”; Gartman said.   
• Japan
• The Group of seven nations –Britain, Canada, France, Germany, Italy, Japan and the U.S. said Monday the sharp appreciation of the Japanese Yen against other major currencies, including the U.S. dollar and the euro, can adversely affect financial stability and make Japan’s exports cost more.
•  The G7 warned in an emergency statement, “We are concerned about the recent excessive volatility in the exchange rate of the yen and its possible adverse implications for economic and financial stability”, Kyodo news service reported.
• Hungary and Ukraine
• The International Monitory Fund will offer Hungary and Ukraine a 16.5 billion $ (10.4 £). “I think that is a very helpful role of the IMF”, Erik Berflog at the European Bank for Reconstruction and Development (EBRD) said.
• “IMF will grant Hungary a huge financial aid”, IMF Director General, Dominique Strauss-Khan said Sunday.
• “Ukraine is to receive the loan to help it maintain confidence and economic and financial stability”, the IMF said.
• Last week the IMF said it was to give Iceland a 2.1 billion $ loan as its banking system came close to collapse.
• Pakistan and Belarus are also in talks about accessing IMF funding. “The substantial financing package” for Hungary is due to be finalised in the next few days, the MIF said.
• Jordan
• A report by the Jordanian government expected; “The Global Financial Crisis will have positive impact on the Jordanian economy”. “Jordan is not going through any financial crisis”, Prime Minister, Nadir Dahabi said Saturday.
• Dahabi said more work is to be done to maintain the flow of foreign investment into the kingdom as several countries in the region will modify their investment strategies in response to the unfavourable international financial conditions.
• The government announced Thursday it will guarantee deposits at all banks operating in Jordan to unlimited amounts, up to the end of next year.
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