GLOBAL ECONOMY: 'More dangerous' times ahead - World Bank chief!

For LEED Consultancy / IGBC Certifications, Green Building Design, Green Homes, Green Factory Buildings, Green SEZs, Green Townships & Energy Audits - www.greentekindika.com

August 13, 2011 / AFP, Sydney / DC.

World Bank chief Robert Zoellick on Saturday warned of a 'new and more dangerous' time in the global economy, with little breathing space in most developed countries as a debt crisis hits Europe.

Zoellick said the eurozone's sovereign debt issues were more troubling than the "medium and long-term" problems which saw the United States downgraded by Standard and Poor's last week, sending global markets into panic.

"We are in the early moments of a new and different storm, it's not the same as 2008," said Zoellick, referring to the global financial crisis.

"In the past couple of weeks the world has moved from a troubled multi-speed recovery -- with emerging markets and a few economies like Australia having good growth and developed markets struggling -- to a new and more dangerous phase," he said in an interview with the Weekend Australian newspaper.

People were in less debt than during the credit crunch and current events did not have the same "sudden shock" factor, but Zoellick said there was less room to manoeuvre this time around.

"Most developed countries have used up their fiscal space and monetary policy is about as loose as it can be," he said.

Zoellick said the eurozone's structure "could turn out to be the most important" challenge currently facing the world economy, with some hope for Spain and Italy but debt-crippled Greece and Portugal unable to devalue.

European Union action taken to date falls short of what is needed, the World Bank chief said.

"The lesson of 2008 is that the later you act, the more you have to do," said Zoellick, questioning whether the troubled European nations could "ever get ahead of the problems that have plagued them."

He also urged British Prime Minister David Cameron not to be deterred from austerity measures by recent riots -- the country's worst in decades -- saying his spending cuts were "really necessary."

"My concern would be if the politics knocked them off course," Zoellick said.

Full Story at,

http://www.deccanchronicle.com/channels/business/news/more-dangerous-times-ahead-world-bank-chief-483

World Bank approves one billion $ loan to clean 'Ganga'!

Have you read my Novella, “Mayhem of the Miserables!” available @ http://www.smashwords.com/books/view/52075

Washington, Jun 1, (PTI):

The World Bank has approved a USD one billion credit and loan for cleaning the river Ganga that accounts for one-fourth of India's water resources.

A significant part of the Bank's support will go towards financing demonstrative investments for reducing pollution in a sustainable manner, in four key sectors: wastewater collection and treatment, industrial pollution control, solid waste management, and riverfront management, a statement said. The World Bank's National Ganga River Basin Project will help build the capacity of the NGRBA's new operational institutions to manage the Ganga clean-up and conservation programme. Hope every cent of it goes into the real cleaning and not into the pockets of the  contractors, middlemen, bureaucrats and politicians. And also hope that once it is cleaned, we do not again abuse the socalled Ganga, with all kinds of irreverent acts of letting out municipal sewage, industrial effluents and using it for washing cloths, cattle, etc. along its course. Full Report at, http://www.deccanherald.com/content/165613/world-bank-approves-one-billion.html