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SocGen fears the worst

French bank Société Générale has told its clients to prepare for a possible “global economic collapse” over the next two years. It says investors should draw up a defensive investment strategy to secure their wealth. The report, entitled “Worst-case debt scenario”, warns that government bailouts have simply transferred private liabilities onto state shoulders, rather than solving problems. SocGen said that overall debt, both private and public, is still too high in most rich economies – as a percentage of GDP – and must be deleveraged over a period of years.