LIKE all the best Shakespearean tragedies, the current financial crisis can be divided into five acts - and it has now reached its fifth and final act, says a former chairman of Britain's financial regulator.

During his visit to Singapore yesterday, Sir Howard Davies (right) noted that while Shakespearean tragedies usually end with 'lots of blood and dead bodies', there is 'no shortage of blood, or red ink, of banks' balance sheets' in this crisis.

He added: 'In the midst of the carnage, Shakespeare usually manages to find important messages of redemption or reconciliation for the future. At the moment, it's hard to find the light at the end of the tunnel...and that light may well be an oncoming train.'

For more The Straits Times stories, click here.