Page last updated at 10:14 GMT, Friday, 10 October 2008 11:14 UK
Financial crisis: World round-up



European Central Bank in Frankfurt
World financial crisis deepens

Newspapers around the world continue to worry about the deepening financial crisis. Many papers express a sense of fatalism and blame western leaders, calling the crisis an "inevitable" outcome of their policies.

Some voice disillusionment with American-style capitalism and consumer culture and wonder if a different global trend will emerge.

In East Asia, the Japanese and Korean press looks for solutions, calling for self-control and composure by governments, and a willingness to take bold measures.

CHINA'S RENMIN RIBAO

In a sense, the US financial crisis is a crisis of American consumer culture and Americans will inevitably have to adjust their way of life. China's export-oriented economic model will also suffer a considerable impact.

IRAN'S AL-VEFAGH

The series of financial crises falling upon the US reflects the beginning of an expected inevitable collapse in that country due to its unfair wars, practices and policies.

HONG KONG'S WEN WEI PO

Now that the bubble has burst, Wall Street's financial predators have been discredited as well as the US political system that helped them to prevail. People outside the US will no longer have blind faith and may even refuse to play the American-style financial game and blindly follow American-style democracy.

FRANCE'S LE MONDE

It is hardly surprising if today some western political leaders have a serious credibility problem since it is they, in particular in Washington and London, who have for years said that the market can regulate itself.

INDIA'S THE FINANCIAL EXPRESS

The financial crisis is turning out to be a tough learning process for economic policymakers in the West, who find that they are trying to nail a target that is continually changing.

INDONESIA'S KOMPAS

Does the US financial crisis signal the end of 'the Age of the US'? It's impossible to deny that China with its authoritarian capitalism has succeeded in competing with the USA's market capitalism.

SYRIA'S TISHRIN

The main responsibility for the current economic crisis and security and political setbacks on the world stage is President Bush and his military staff. Countries, especially major ones, which supported the Bush administration in its wars and policies also bear great responsibility.

LEBANON'S AL-NAHAR

We look forward to a new world order with a humanitarian nature, an order without greed, an order that invests wealth in development in poor and underdeveloped countries, an order that stops the depletion of non-renewable resources and reduces global warming, an order that falls between capitalism and socialism to replace savage capitalism.

SOUTH KOREA'S THE KOREA HERALD

It is not just individual investors, households and corporations that need to maintain composure. The government needs greater self-control in dealing with the crisis. It should make measured remarks after careful inter-agency policy coordination.

JAPAN'S ASAHI SHIMBUN

The US and European authorities must protect their banking systems and end the credit crunch to prevent a toxic combination of a contraction in lending and an economic downturn. That requires bold moves to infuse the banking system with public funds.

LEBANON'S AL-ANWAR

The financial crisis in the 1930s led to the growth of fascism, Nazism and communism. Many people wonder what kind of extremist currents the current crisis will lead to?

BBC Monitoringselects and translates news from radio, television, press, news agencies and the internet from 150 countries in more than 70 languages. It is based in Caversham, UK, and has several bureaux abroad.



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