The worst of the global financial crisis is yet to come, former IMF chief economist Kenneth Rogoff said. "We have to see more consolidation in the financial sector before this is over," he said, when asked for early signs of an end to the crisis. A large U.S. bank will fail in the next few months as the world’s biggest economy hits further troubles, he added. Mr. Rogoff’s comments come as investors dumped shares of the largest U.S. home funding companies Fannie Mae and Freddie Mac after a newspaper report said government officials may have no choice but to effectively nationalise the U.S. housing finance titans.
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