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Financial crisis not over yet: Expert

business Updated: Nov 22, 2008 20:33 IST

Experts in the field of economics are of the opinion that global financial crisis is not over yet.

"The crisis is not over yet. And how long will it last nobody really knows as in the financial sector in US and UK there are many more problems to come out as yet," Emeritus London School of Economics, Professor, Lord Meghnad Desai, said here during a panel discussion session of Confluence-2008.

The real output crisis will exists say for next 9-12 months and real financial crisis for another 24 to 30 months, he added.

Responding to a query, IIM-A Prof. Jayanth Verma, said "In India and Asia we are at the beginning, I think India is where the US was a year ago. And, all it looks as if we were facing liquidity crisis in India and much of Asia, but its lot more than that."

If we look at how the crisis is affecting India and the Asian countries, I see it in three and four different ways its happening, he added.

FII's are taking out money from the country, and that has happened across Asia, he said.

A few million dollars of currency derivatives have gone bad here, I think the corporate sector has taken that.

"There are reports that we may have few billion dollars more of commodity derivatives that have gone bad, they brought crude at 120 dollar a barrel, I am looking at marked to market losses on that and similarly in metals, but its manageable" Verma said.