Downgrade worrisome: Pranab
New Delhi, Aug 6: Finance Minister Pranab Mukherjee Saturday expressed concern over downgrading of the US government credit rating and said the situation will be monitored closely.
"The situation is grave. We will have to analyse it and it will take sometime to do that," Mukherjee told reporters on the sidelines of an industry event here.
The reactions came after international credit rating agency Standard & Poor's downgraded the top notch AAA credit rating of the US government's ability to pay back its creditors and investors to AA+.
The move has sent shockwaves across the financial world.
The US treasury bond has traditionally been considered as one of the safest avenues for investments. World over, governments and central banks have invested heavily in these treasury bonds.
On Friday, Mukherjee tried to calm the domestic investors' sentiment by blaming the volatility in the market on external factors.
"Stock markets fell due to global factors like weak recovery in US and spread of debt burden in Eurozone," Mukherjee said.
"Current volatility is temporary," he added. IANS
Lastupdate on : Sat, 6 Aug 2011 21:30:00 Makkah time
Lastupdate on : Sat, 6 Aug 2011 18:30:00 GMT
Lastupdate on : Sun, 7 Aug 2011 00:00:00 IST
- MORE FROM BUSINESS
Kupwara, Aug 6: Acute water scarcity has gripped Sohipora, Hayhama and Chowkibal areas of Kupwara district causing huge inconvenience to the people in the holy month of Ramadhan. The aggrieved residents More
- Srinagar City
Like the hot Middle East, worship places in Srinagar have started making use of air conditioners
MASJIDS in this Himalayan region City are offering cool atmosphere this summer. Reasons: Much on the lines of worship places in the hot Middle-East, air-conditioners have made way into Masjids in Srinagar More
PRESS TRUST OF INDIA
Jammu: Expressing satisfaction over the introduction of a special resolution on Kashmiri Pandits in the US House of Representatives, Panun Kashmir today said the resolution had vindicated their stand that More
- South Asia
Puli Alam, Afghanistan, Aug 6: Thirty-one US Special Forces and seven local troops were killed when the Taliban shot down their helicopter, officials said Saturday, and in what was the deadliest single More
Jeddah, Aug 6: The date palm, originating, as best we know, in the Middle East, has proved such a successful plant and source of nourishment that it has spread across the planet.Domesticated and bred to More