The Impact of the Financial Crisis

For an idea of some of the very concrete effects the financial crisis has already had on global trade, try this Economist article: Since the early summer the price of steel has fallen by 20-70% and thekey rate for bulk shipping of commodities is down by more thanfour-fifths. There are even stories of grain cargoes piling up in portsin the Americas. Their buyers’ letters of credit have not beenhonoured, because of a lack of confidence in the banks that underwritethem. At least one Australian producer has had the same problem withiron ore shipments to China. And shipowners are having trouble […]

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