This week the Embassy was pleased to host Dr. Benton Gup, University of Alabama Professor of Banking and Finance, and an expert on economic crises.  The Embassy’s Economic Section, along with the Public Affairs Section, periodically arranges speaking engagements for experts.  Since the economic crisis is such an important topic today, it was great to welcome Dr. Gup to Tunisia.

Dr. Gup spoke on “Global Financial Crises and Government Responses” to a range of Tunisian audiences, including the Tunisian-American Chamber of Commerce, the International Study Association, the Center for Young Entrepreneurs, and the English-language Mediterranean School of Business.  Comparing the recent banking crisis to a heart attack, Dr. Gup explained the emergency measures taken by U.S. and other authorities to pump capital and confidence back into the financial and economic system.  He also proposed several reform measures, including better controls on “securitization” (the financial practice that created toxic assets) and better control over non-bank financial institutions such as hedge funds and private equity funds.  As for the impact of the crisis on Tunisia, Dr. Gup stressed that no nation is immune from the global economic downturn.  Still, he was cautiously optimistic that the worst may be over.  We all certainly hope so.