Archive for the ‘President of the World Bank Group’ Category

File:Zoellick, Robert (official portrait 2008).jpg

6:25 AM Wednesday Aug 17, 2011

European governments need to restructure their economies to restore the
confidence of financial markets as the global economy moves into a new danger
zone, World Bank president Robert Zoellick said yesterday.

Zoellick, a former US trade negotiator under President George W. Bush, said
the debt crisis in Europe and the political quarrel in Washington over the US
Government debt limit had “unleashed a wave of worry and uncertainty about the
global economy” that created steep falls on share markets.

“I think over the past couple of weeks we’ve moved into a new danger zone,”
Zoellick told reporters in a joint press conference with Australian Treasurer
Wayne Swan.

“What will now be important to watch is whether that hit to confidence also
extends to consumers and businesses and also how the governments respond,” he

Zoellick welcomed news that the European Central Bank had bought €22 billion
($38 billion) of Italian and Spanish bonds last week amid concerns the two
countries have unmanageably high debt.

But he said central banks’ efforts were short-term, and did not change the
underlying problem of high debt levels.

Debt-burdened European countries “have not really gotten ahead of the problem
and haven’t really been able to deal with some of the fundamentals and
structural issues”, Zoellick said.

“I’m trying in a way that I can to start to condition both the political
leadership and the general public you’ve got to do more than you’re doing and
you have to move more actively,” he said.

Zoellick thanked Swan and other finance ministers for co-writing an article
published in London’s Financial Times newspaper that said a crisis in confidence
in policymakers posed a greater challenge than any economic barrier.

Swan, meanwhile, warned the federal Parliament that should the global economy
weaken materially, it would have an impact on Australia.

The country’s fundamentals were strong and the Government had a proven track
record of dealing with global instability, he said.

“I don’t want to sugar-coat the current situation. If the global economy were
to weaken materially, that would, obviously, have an impact here,” he said.

from:  http://www.nzherald.co.nz/economy/news/article.cfm?c_id=34&objectid=10745569


Robert Bruce Zoellick was born on July 25th, 1953 according to http://en.wikipedia.org/wiki/Robert_Zoellick

July 25th, 1953

July 25th

7 + 25 +2+0+1+1 = 36 = his personal year (from July 25th, 2011 to July 24th, 2012) = Managing.  Creditworthiness.  Obligations.  Debt.  Default.  Feeling like the weight of the world is on his shoulders.




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