Financial markets are in turmoil. Shares of banks are going down. European bonds are paying out record rates. Big corporations are announcing layoffs.
The global financial system seems to be heading towards another major crisis, and it could be worse than in 2008. At that time, the United States’ national debt was below $10 trillion, whereas now it is over 14.
The Central Bank of Honduras is pressuring bankers to enlarge their credit portfolios, but banks are resisting any change to their risk policies.
In statements in La Tribuna, the well-known banker, Jorge Bueso Arias, insisted that "it is not that [the Central Bank] wants to put forth mandates, but rather... it wants that we increase our credit portfolio, and I have said publicly that our main responsibility is to our depositors,... and we cannot begin to 'to lend senselessly' to anyone that comes in requesting credit without taking the measures that banking prudence implies...”
The objective of the Superintendence of Financial Entities is to strengthen bank liquidity in order to prevent being affected by the global crisis.
Superintendent, Oscar Rodriguez, justified the decision to ease some risk indicators for financial entities in order to allow them to "raise" more liquidit, since they do not know how great the impact of the global financial crisis will be. He emphasized that the equity requirements will not change.
The Dow Jones industrial average opened 400 points higher and never looked back, led by big gains in financial stocks.
Last week’s stock sell-off gave way to a big rally, with the Dow Jones industrial average having its largest-ever point gain. The surge came as countries around the world took steps to ease the financial crisis, ushering in a drastic reshaping of the banking industry even as doubts lingered about its long-term effects.
Guatemalan analysts agree that the country will not receive a direct impact from the international financial crisis.
Carlos Gonzalez, an economist from the Association of Investigations and Social Studies, affirmed that he does not foresee any direct impact, however he said that this could happen if the US economy continues to slip and therefore affect Guatemalan exports, remittances and employment.
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