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Investing.com -- The UK and other countries running deficits could face another market crisis similar to the 2022 Liz Truss episode, according to Mark Coombs, CEO of Ashmore Group.
"One of the questions in the UK at the moment is that we’re about to get another one," Coombs said at the Bloomberg New Economy Forum in Singapore, referring to the market turmoil during Truss’s brief tenure as UK Prime Minister.
The British billionaire warned that countries dependent on financial markets to fund deficits are vulnerable to sudden confidence losses. "If you get a loss of confidence in your market, it doesn’t just reprice it. You get any kind of buyer’s strike in parts of the curve," he explained.
"Once confidence is gone, you have a real problem, you do get a market shock," Coombs added.
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