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July 25, 2008 5:54:33 PM CDT

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'Monster' Markets Brought World to Edge: German Prez

Posted May 15, 08 8:15 PM CDT in Business 

(Newser) – Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the system "greatly disgraced itself in pursuit of profit.

"The over-complexity of the financial products, and the possibility of carrying out large leveraged deals with a small amount of capital, have allowed the monster to grow,” said Köhler in joining a long line of German pols ripping capitalist excess.

Source Der Spiegel

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German president Horst Kohler is seen with the President of Latvia in this undated file photo.   (Getty Images (by Event))
German President Horst Kohler is seen in this undated file photo.   (Getty Images)
German President Horst Kohler is seen in this undated file photo.   (Getty Images)
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Germany  • credit crisis  • financial markets  • credit market chaos  • investment banks  • derivatives market


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