World Bank Chief Economist warns of a major financial crisis emerging from coronavirus pandemic

The coronavirus pandemic is likely to transform into a major financial crisis, World Bank Chief Economist Carmen Reinhart warned in an interview with Bloomberg Television. 

Key quotes

“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences.”

“There’s a long road ahead.”

“This is a war. During wars governments finance their war expenditures however they can and right now there are dire needs”

“The scenario we are in is not a sustainable one.”