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Prime-Minister Massimov called the plunge a burst of mercy

08 august 2011, 10:25
Karim Massimov. Tengrinews.kz stock photp
Karim Massimov. Tengrinews.kz stock photp
Prime-Minister of Kazakhstan Karim Massimov gave his opinion on the current situation at the global markets.

“Things that are happening at the global markets now are a “burst of mercy”,” Prime-Minster wrote in his Twitter.

Global markets have plunged in recent days on continued worries over the uncertain US economic outlook as well as the lingering eurozone bond problem, AFP writes.

Worries over further market turmoil deepened in the wake of the downgrading of US government debt by Standard & Poor's as well as the persistent debt problems in the eurozone.

As investors dumped the dollar, the yen soared to record high levels, prompting Japanese authorities to step into the market to tame the yen's strength to safeguard its export sector and fragile recovery.

Tokyo on Thursday intervened in the currency market, selling reportedly up to four trillion yen ($51 billion).

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