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| Guyana's President Bharrat Jagdeo insisted that Guyana's banking sector was protected and largely safe. (File photo) | |
GEORGETOWN, Guyana, October 9, 2008 - Guyana's President Bharrat Jagdeo says his country's financial sector isn't feeling any impact from the global economic turmoil...at least for now.
On a day when the Dow Jones logged its sixth consecutive day of losses - even after the approval of a US$750 bailout by the government - and the British government announced a £50 billion bailout of its own to United Kingdom banks, President Jagdeo insisted that Guyana's banking sector was protected and largely safe.
"We're isolated from the impact...If the banks were investing large sums of money in these markets, we would have been affected. Similarly, if Guyanese were investing heavily in the stock exchanges, we would have seen significant losses, but our banking system remains essentially sound," he declared.
The Guyana leader however admitted that this might not last forever. He acknowledged that although there has been no immediate impact, the crisis may affect the Caribbean nation in the long term.
He added that areas such as remittances to Guyana "may be affected to some extent". (Caribworldnews)
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