The St. Lucia Star The Caribbean should brace for the ripple effect from the financial crisis now engulfing the United States. That’s according to Executive Director of the St Lucia Chamber of Commerce and Agriculture, and local economist Brian Louisy.In recent times, banks and businesses in the United States have been going bankrupt, people have been losing their homes and the value of the US dollar has been fluctuating.
According to Louisy those changes are partly due to the mortgage crisis in the US. “The US economy is going through a financial crisis,” he said. Giving a synopsis of the economic situation there, he said that many of the financial institutions are facing challenges and require a “government bailout.” The US government is therefore seeking to put together a rescue package of close to 700 billion dollars.
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