"TPS: First it is a global crisis that will heat every country just like an epidemics heats the healthy and the weak people but I think that those who will come out better are the countries which have little debt, little private and little public debt because essentially this is a crisis of too high indebtedness particularly in the United States.
Q: So therefore the united states are the most vulnerable, do you think?
TPS: Not necessarily, it is very resilient economy and there are economies which may be hit by the crisis and by the end hit even harder but certainly the crisis starts in the United states and comes essentially from the equilibria that have developed in the United States so get out of it will be hard for US at least as much as for many other countries..."
".Q: At Davos both China and Russia seem put all the blame on what was happened on the western countries and it is up to US to fix it. Do you think that was a fair indictment?
TPS: Well when a problem becomes a general problem to fight about where the origin was does not help very much. It has become a general problem and it requires a global approach. I do agree that the origin of the crisis is in the too long period in which growth in the US was based on consumption and debt. And I think this is a non healthy path that sooner or later had to produce sharp adjustment like the one we are seeing."
Frost over the World - Financial crisis - 20 Feb 09