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Speaking during the Business Forum held at Casa de Campo on Saturday 28 February, Hacienda Minister Vicente Bengoa presented an overview of the global financial crisis and outlined its effects on the DR. He described the crisis as the perfect crisis in the style of the perfect storm. He said that it was a crisis with a pronounced decline in consumption, investment, tax revenues for governments, lending by banks, and trade, and that to make matters worse, the patient is not responding to known treatments. He stressed that this was very different to the crisis of the 1930s that was based on the real economy, and resulted from overproduction. The crisis of 2008 has happened on the heels of 20 years of maximum growth and economic stability, a period of abundance where regulations and controls were dismantled, giving way to the bubble economy.
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He said that during the first [...]

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