Ruffer: 'True risk lies in reaction to next crisis'

The managers of the Ruffer investment company have warned that markets and banks are unprepared for a future crisis, while investors are facing higher risks than ever before as liquidity dries up.

Addressing the escalating crisis in Greece, managers Hamish Baillie and Steve Russell (pictured) said the short-term noise around the issue is a likely precursor to more serious disruptions to come. They said: "What is clear is that at some point this nettle (and others) will have to be grasped and that argues either for an exit or for a radically different political structure in Europe." Their key concern is that the world's central banks are unprepared for such a crisis due to the anaemic growth and aggressive monetary policy seen over the last few years. "Asset prices have been ...