US recession still probable: Alan

A recession in the United States remains a probability, former Federal Reserve chairman Alan Greenspan said in an interview published Tuesday.  In an interview from Washington, Greenspan said he believed "there is a greater than 50 percent probability of recession."  He noted, however, that "that probability has receded a little". The likelihood of a severe recession had "come down markedly", he added: but it was too soon to tell whether the worst was already over.  According to the Financial Times, Greenspan estimated that house prices in the United States would drop by a further 10 percent from their levels in February, which comes to a 25 percent drop from their peak. 

ePaper - Nawaiwaqt