Uncertain markets and lacklustre political policies bode ill for rest of 2011

Rescue needed


There is no one riding to the rescue of the world economy this time. While it could be argued the relatively decisive co-ordinated political response in 2008 helped to avert a global economic downturn, the prospects for such a rescue operation this time around are limited for ­several reasons.

Top of the list is the fact the banking crisis has become a sovereign debt crisis. With the transfer of the problem from banks to governments has come an almost lethargic response to what sensible observers

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