MercoPress. South Atlantic News Agency

Richest Latinamerican warns of financial crisis impact

Mexican billionaire Carlos Slim and Latinamerica's richest man is calling the current financial crisis the worst he has ever seen and anticipated it is going “to impact everybody”. It's a very difficult situation and it will affect all economies he added.

Slim says today's crisis is "more complex" than any other since 1929, when stock markets plummeted, triggering the Great Depression. Slim spoke Monday minutes after U.S. lawmakers rejected a financial bailout that US Treasury officials had hoped would calm jittery investors. Instead, markets plunged in the US, and Latin American indices saw some of their biggest losses in years. Slim suggested that bank shareholders and executives should shoulder some responsibility for failing financial institutions, predicting that they "will obviously lose their capital in a substantial manner".