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They think it’s all over… it isn’t now

The publication of 2007 results by leading banks was widely expected to be a watershed. With the subprime damage all out in the open, market participants believed, confidence would return and credit markets would be reinvigorated. That moment has come, but it is abundantly clear that the market crisis is not over. Recovery will take a long time, and things could still get worse before they get better.

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