Credit crunch to hit further countries, says Aegon's Roberts

Credit crunch fallout has proved far wider reaching than expected as corporate writeoffs hit $500bn, ...

Credit crunch fallout has proved far wider reaching than expected as corporate writeoffs hit $500bn, according to Aegon’s David Roberts. The Global Bond manager said writedowns are now occurring in countries previously believed to be immune from the credit crunch, such as Australia. He believes the value of markdowns is probably much higher than the half trillion dollar figure but this is an indication we are further into the bad news than the market believes. “A lot of the writedowns have not been captured in the headline-grabbing figures and it is now believed to be a wider problem t...