SNB's Roth heralds new phase of crisis

Jean-Pierre Roth, the chairman of the Swiss National Bank, has said that signs of a downturn in the real economy mark the beginning of a new phase of the global turmoil.

"A lot has been done in restructuring, in adjusting the balance sheets of banks, in writedowns, in de-leveraging," Roth told the Financial Times, a newspaper. "But we see now the real sector of the economy starting to have problems, and probably we are now opening a new chapter of the story."

The chairman said it was "strange"

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