Credit crunch takes the shine off Davos

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Last Modified: 28 Jan 2009
By: Faisal Islam

The Davos summit has traditionally been a gathering of the world's wealthy elite. Faisal Islam reports on how fears of long-term recession has changed all that.

Bankers, ministers, glitzy parties - in these challenging times, they are all thin on the ground at the global economic summit in Davos.

The four-day gathering of the world's business and political elite kicked off today at the exclusive Swiss ski resort.

But it is looking very different this year, with fears of a long-term recession and confidence in the future reaching a new low.