Berisha says US bank may help ease market strains

DAVOS, Switzerland, Jan 28 – Albanian Prime Minister Sali Berisha said Wednesday a U.S. bank may help resolve the crisis of confidence which is a major factor in ongoing market turbulence.
“I can’t tell that it would work in the U.S. because of the enormous proportion, but in Sweden it worked. And not just in Sweden – it worked in several countries,” Berisha told reporters on the sidelines of the World Economic Forum in Davos.
“I think President (Barack) Obama has that idea and this might be helpful in order not to show that all banks are sick,” he said, adding he was confident Obama’s inauguration would have “a clear positive effect on trust.”
Berisha said Albanian exports would be “seriously affected” by the crisis. But he said protectionism isn’t the right way to go about solving current woes and blamed the inadequacy of existing financial market rules.
“Although definitely attempts (by individual countries) are necessary and are helpful, a global approach is needed,” Berisha said.
“It’s a deep crisis but it (recovery) must start due to trust. The panic is absolutely the most aggravating factor of this crisis,” he added.