Crunch time, again?

THE fear that paralysed the world's financial markets last autumn first revealed itself in July 1998, in the shape of falling share prices and widening spreads between yields on risky bonds and low-risk liquid Treasury bonds. A year later, Wall Street is experiencing a severe case of déjà vu that would be making traders sweat buckets had the infernal heatwave not done so already. Share prices are sliding and spreads are widening. Is another nasty credit-crunch on its way?