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Köhler calls financial markets a 'monster'
Published: 14 May 08 10:11 CET
German President Horst Köhler has attacked banks for allowing global financial markets to become a "monster" that nearly caused a "collapse" as a result of the US subprime crisis.
"It must by now have become clear to every responsible thinking person in the (banking) industry that the international financial markets have become a monster that has to be put back in its place," Köhler told weekly magazine Stern in an interview to be published on Thursday.
He said highly complex financial instruments and the ability to make massive leveraged investments with minimal capital were the primary causes behind the markets monster.
"We came close to a collapse of world financial markets," Köhler, the former head of the International Monetary Fund, said.
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