Financial crisis: World round-up

World media is largely pessimistic on the economy

As the global financial crisis continues to spread, press commentators around the world are considering the impact on their own countries. Many are pessimistic, and countries which have already experienced economic crashes in recent years are fearful that they could happen again.

The big exception is in China, where commentators feel that the decline of US economic power could be in their country's favour.

Meanwhile, major oil-producing countries are concerned about the dramatic fall in oil prices prompted by the crisis. Qatar's energy minister predicted that OPEC could cut production by at least one million barrels per day in a bid to halt the fall in price.

Threat of recession grows

HEADLINE IN RUSSIA'S NEZAVISIMAYA GAZETA

Currency reserves are melting away before our very eyes

IBRAHIM NAF'I IN EGYPT'S AL-AHRAM

Recession will not exclude anyone in this world. It will lead to a drop in demand in the industrialized countries, which are key markets for commodities and services produced in other countries.

EDITORIAL IN INDONESIA'S PIKIRAN RAYKAT

We do not want the 1998 crisis to become a 10-year cycle and happen again this year. We have experienced how the crisis destroyed the livelihood of the Indonesian people. We do not want to be like a donkey which stumbles over the same stone.

NIGERIA'S THIS DAY

The global financial crisis is already here in Nigeria

LO FUNG IN HONG KONG'S APPLE DAILY

The severe pain of economic adjustments has only just begun, and one should not expect an economic dawn to arrive soon.

WANG XIAODONG IN CHINA YOUTH DAILY

A superpower like the US, even though decrepit, can still go on for many years, but this crisis has made us see clearly that the wealth and civilization of the US has begun to age ... But our country is in its youth, and as long as our minds can catch up, the pioneers of a new path will be among us.

Oil prices plummet

ANTON DANILOV IN RUSSIA'S GAZETA

A sharp fall in oil prices - which have halved in the past two months - would lead at the very least to a catastrophic reduction Russia's international reserves.

IRANIAN RADIO

In the past few days the price of crude has fallen sharply due to rising worries over the recession in western economies and a fall in the consumption of energy. The most expensive brand of crude is now traded at 68 dollars a barrel.

QATARI OIL MINISTER ABDULLAH BIN HAMAD AL-ATTIYA ON AL-JAZEERA

We will study the figures carefully and we will see what supply and demand is expected, particularly during the third quarter and the first quarter of next year ... I personally believe that [the reduction] is going to be one million barrels per day or more

Time for a change?

MARTIN WANDERA IN UGANDA'S DAILY MONITOR

The global trading system will remain skewed in favour of the rich nations. The new economic leader is and will be a beneficiary of the unfair international trading arrangements and will have no incentive to change the status quo.

YUVAL ELBASHAN IN ISRAEL'S MA'ARIV

Gordon Brown described what happened in world markets as a big correction of capitalism ... True, it is possible that some of the executives will be replaced, but some will even receive fat bonuses at the end of the year - to call this a 'correction' is an exaggeration.

GUILLAUME GOUBERT IN FRANCE'S LA CROIX

The biggest countries in the North, above all the United States, have long lived beyond their means, financing their spending through debt. This consumption on credit has boosted global growth spectacularly over the last few years, but when indebtedness goes beyond a reasonable limit, the whole machine jams.

BBC Monitoring selects 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.