Swiss chairman criticises US subprime

Jean-Pierre Roth, the chairman of the Swiss National Bank described the US subprime crisis as "unbelievable" and said that reality was "striking back"

In an interview with NZZ am Sonntag, a Swiss newspaper, which appeared on 19 August, Roth said that that the crisis arose because financial institutions have had a very big appetite for risk that they were unwilling to pay the appropriate price for.

The chairman said that the terms on which mortgage companies lent were "too attractive" and that

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