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Trichet: economy in deepest crisis since WWII

business Updated: May 15, 2010 17:05 IST

The President of the European Central Bank is quoted as saying that he still sees Europe's economy in its deepest crisis since World War II or even World War I.

German News weekly Der Spiegel on Saturday reported that Jean-Claude Trichet said that since the beginning of the financial crisis in 2008 "we have experienced and we are experiencing really dramatic times."

In an interview to be published Monday, Trichet linked the recent exacerbation of the eurozone's debt crisis to the 2008 collapse of the US investment bank Lehman Brothers, saying "the markets didn't work anymore."

Trichet was further quoted as saying that there was no doubt the economy "is in its most difficult situation since World War II or perhaps even since World War I."