Posted AT 9:00 AM EST on 23/11/08
Sovereign fund hype subsides as cash ebbs
LONDON — Billed a year ago as saviours of Western capitalism, sovereign wealth funds now look as vulnerable to the credit crunch as anyone else and are witnessing a rapid downgrade to their growth outlook.
Less than a year ago, these state-owned funds from countries ranging from the United Arab Emirates to Singapore were pouring some $80-billion (U.S.) into major banks crippled by the fallout of a collapsing U.S. housing sector.
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