Former US Federal Reserve chairman Alan Greenspan has warned that governments the world over may have to bail out more banks before the current financial crisis is over. Writing in the Financial Times on Tuesday, Greenspan also warned of the “awesome cost” of a move towards protectionism by governments, arguing that globalisation was “at the root” of economic growth around the world over the past decade. “Fears of insolvency have not, as yet, been fully set aside,” Greenspan wrote. “There may be numbers of banks and other financial institutions that, at the edge of defaulting, will end up being bailed out by governments.” More
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