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"Sir Mervyn King’s words, which pushed his earlier prediction for a full
recovery back by three years, reflected the scale of problems in the
eurozone as well as his fears for the global economy.
"Addressing MPs at the Treasury Select Committee , Sir Mervyn said:
"When this crisis began in 2007, most people did not believe we would still be here. I don’t think we’re yet half way through this. I’ve always said that and I’m still saying it. My estimate of how long it will take to recover is expanding all the time."
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