These questions are not easily answered, he said.
Moving to investing in Asia, Budden highlighted the difference in financial situations between the continent and other, more develop nations.
“I think a lot of this crisis is seen very much through a western prism.
“One of the notable differences is the dollar has been very strong, and that normally creates all sorts of havoc in Asian markets, because a lot of their debt is dollar-denominated,” he said.
But that’s not the case any more, and these economies are not as reliant on the dollar.
“Asian economies are much more inward than outward looking,” he said, with a lot of good consumed domestically rather than exported.
“Asia has been getting richer for the last 10 to 15 years.”
sally.hickey@ft.com
