US Central Bank Head: Recession to End This Year

Ben Bernanke, has said recovery of the American economy is not going to happen until the financial markets and the banks are stabilized. Photo by abc.net

The head of the US central bank, Ben Bernanke, has said he expects America's recession to end this year and the economy will expand in 2010.

"This decline will begin to moderate and we'll begin to see a levelling off," the Federal Reserve chairman told the CBS 60 Minutes TV programme.

"The biggest risk is that, you know, we don't have the political will," Bernanke said. "Recovery is not going to happen until the financial markets and the banks are stabilized," and the government's plan is "going to take some patience. It's going to take some support," he said.

Bernanke said the world had come very close to financial meltdown last year, before governments stepped in.

 

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!