‘Guernsey can profit in global credit crunch’
Wednesday 16th April 2008, 2:29PM BST.
DIVERSITY within the island’s financial services sector will help it avoid the full effects of the global economic crisis, according to a local finance figure.
Prime Minister Gordon Brown met bank chiefs at Downing Street yesterday to discuss the credit crunch and its effect on the UK, but Mike de Haaff, the Guernsey Investment Funds Association representative on the Guernsey International Business Association council, said the island was nowhere near the panic stations of some in the UK.
Mr de Haaff said he felt Guernsey could weather the current economic storm better because of the make-up of its finance industry, which has strong fields such as banking, insurance, investment management and funds and closely affiliated business such as accounting and the legal sector.
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I think what Mr de Haaff is saying that a FEW people in Guernsey can prosper, while those living in houses mortgaged on fixed rates, and first time buyers suffer aneurisms at each news headline. And those wanting to buy bread in line with wage increases.
It is a pompous and arrogant stance, as was Mr Tostevins other articles concerning ‘the stupidity of questioning what was best for Guernsey as told by the Industry’.
I’m sure the hedge funds are queuing up for a slice of dropping indices and negative equity, they love it when they can predict it, like a greedy cat in the morning, but golly when it doesn’t go their way they come all tail down to their owners and plead vociferously for help.
The mentality of being able to ‘profit’ from a potential global disaster is exactly what is wrong with all this.
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