Greenspan in long-term warning

Alan Greenspan has warned that there will be future major international financial crises, something that may impact on overseas property investment.

The former chairman of the US Federal Reserve told the BBC that it is a natural feature of "human nature" that makes such crises inevitable, due to the complacency that creeps in during good times that these will continue indefinitely.

He suggested that even without the subprime crisis, "something sooner or later would have emerged".

Such considerations may indicate that those investing in US property - or elsewhere - would be wise to undertake these as long-term projects that can ride out any future storms and downturns.

Mr Greenspan's words come at a time when many leading economies are coming out of recession. rep

Japan, France and Germany recently revealed their contractions were over, while figures from the National Institute for Economic and Social Research have stated that the UK saw growth of 0.2 per cent in the three months to the end of August.

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