Costello warns of financial tsunami

MOST countries around the world will feel the impact of the financial crisis that was sparked in the US, former federal treasurer Peter Costello has said. He said the impact of the financial meltdown would spread like a financial tsunami. "It's serious. You're now seeing a situation where an essentially United States problem has been exported to financial institutions around the world," Mr Costello said on ABC Radio. "It will take quite some time for the US to work through its problems and I actually... [read full story]