Speaking at an event in Washington, D.C., Former Fed Chairman Alan Greenspan said that a market recovery will happen "sooner rather than later".

Delivering remarks on 'Markets and the Judiciary' at an event organized by Georgetown University, Trichet said that the "market freeze will thaw".

The comments were made in the aftermath of the U.S. Senate's passage of the Financial Rescue Package. The U.S. Senate passed an amended version of the U.S. Emergency Economic Stabilization Act of 2008 by 74 votes to 25 last night. The legislation now needs final approval from the House of Representatives, which will vote on the bill on Friday.

By Steve Stecyk edited by Stephen Huebl
©CEP News Ltd. 2008