SALE S In this issue, Gmagazine focuses on the sales efforts made in Grundfos worldwide. In a time of crisis it is essential to focus on customers and their needs and wishes. We are working hard to do so in Grundfos in 2009. Also read the leading article on page 2. The glo bal crisis – and what has been said about it South Korea President Lee Myung-Bak, South Korea USA President of the United States Barack Obama on the loss of 345,000 jobs in May: "A reminder that we're still in the middle of a very deep recession that was years in the making and that's going to take a considerable amount of time for us to pull out of." Source: The Economic Times, June 2009 "In the late 1990s, Korea was hit by a financial crisis, and having successfully overcome it, we have valuable lessons to offer. First, bold and decisive measures, rather than incre mental ones, are required to regain market confidence. The Korean government tapped various sources to raise a public fund of 91,86 bn euro (159 trillion KRW) during the period from 1997 to 2002 – equivalent to 32.4 per cent of Korea's GDP in 1997 – to resolve impaired assets and recapitalize financial institutions. Given the magnitude of the current challenges, the world cannot afford a minimalist approach." Source: The Wall Street Journal, March 2009 Spain Spanish Prime Minister Jose Luis Rodriguez Zapatero "The private sector is weak and paralysed due to the finan cial crisis and we have to make a heavy public investment. The government is using all the measures and resources it has at its disposal, which are not infinite." Source: Reuters, April 2009 China Zhou Xiaochuan, governor of the People's Bank of China "Positive changes have appeared in the operation of the national economy, and overall performance is better than expected." Source: People’s daily online, April 2009 Denmark Minister for Business and Economic Affairs, Lene Espersen, Denmark Vietnam Ministry of Foreign Affairs in Vietnam ”I think the public has had enough of us quarreling in times of crisis. We do not think it is wise to put all our eggs in one basket and implement major reforms. At the moment, everything depends on the developments in the US, and things are looking brighter.” Source: Politiken, May 2009 Germany Angela Merkel, the chancellor of Germany Australia Ian Macfarlane, board member of the ANZ Bank "Many foreign investors regard Vietnam as a safe and at tractive destination. I believe that the Vietnamese economy will be able to overcome the current difficulties and attain higher growth in the next quarters of 2009. It is expected that growth for the entire 2009 will be around 55.5 per cent." Source: Ministry of Foreign Affairs, Vietnam, April 2009 Hungary Peter Oszko, Finance Minister, Hungary "I think [we can accomplish] a lot because politicians and the whole population consider us as a technocrat government, which means they realize that it's not popularity we're motivated by, but simply to take all necessary steps [to deal with the crisis]." Source: MarketWatch, May 2009 4 Gmagazine July 09 "Germany is an overindebted, exportoriented economy with an ageing, shrinking population. It cannot boost consumption at the expense of exports. The German economy is very reliant on exports, and this is not something you can change in two years. It is not something we even want to change. Instead, we will try to sit through the turbulence while taking care not to lose too much industrial muscle so that Germany can ride the upturn when it comes." Source: Financial Times, March 2009 The former governor of the Reserve Bank, Ian Macfarlane, has credited the "four pillars" policy of prohibiting takeovers bet ween the big four banks with protecting local lenders from the turmoil sweeping through the world financial system. "It's hard to avoid the conclusion that the difference was there was no competition for corporate control in Australia, which saved us from the worst excesses that characterised banking systems overseas." Source: BusinessDay.com.au, March 2009 Indonesia (Bali) President Susilo Bambang Yudhoyono, Indonesia "The right, and realistic theme for these two years is [econo mic] recovery. It is not about achieving the highest [econo mic] growth possible, but protecting the people from the impact of the [global economic] crisis." Source: The Jakarta Post, June 2009 Gmagazine July 09 5
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