Crisis looms over Davos

(02:05) Report

Jan. 23 - Business and political leaders begin meeting in Davos facing what many fear could be the biggest financial crisis since World War Two.

But other business leaders said even if the U.S. economy began to shrink, the impact for the rest of the world would be less than in the past, thanks to the booming economies of developing countries such as China and India.

Stuart McDill reports.

SOUNDBITES:

  • Stephen Roach, Morgan Stanley
  • Stuart McDill, Reuters
  • Tony Blair, Middle East peace envoy

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