Close watch on Greenspan Senate appearance

Delegates are gathering for the World Economic Forum in Switzerland but with their eyes focused on events in the United States.

The chairman of the US Federal Reserve, Alan Greenspan, is due to speak at a Senate hearing in Washington shortly 1500 GMT -- just five days before experts meet to review key American interest rates.

Observers hope Mr Greenspan's appearance before the Senate budget committee will tell them whether further interest rate reductions are likely and how willing he is to support plans by the new American government for big tax cuts.

A BBC correspondent in Washington says world markets want to see how much of a stimulus Mr Greenspan thinks the US economy needs.

From the newsroom of the BBC World Service