The next economic downturn will be much more severe than the last financial crisis because firms have twice as much outstanding debt as they did in 2008, said a leading academic this week.
Speaking at a conference in London on Tuesday, Edward Altman, an emeritus professor of finance at NYU Stern School of Business, said he was expecting the downturn to hit the US economy within the next 12-24 months, even if the US and China manage to pacify markets in
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