The effect of the world financial upheaval on higher education institutions around the globe varies markedly from one nation to another, depending on the extent that their banks and currencies have been affected by what is taking place in America and Europe. Universities in countries experiencing an economic downturn, with consumer confidence shattered and unemployment on the rise, are already curtailing their spending and some have begun putting off staff. Even if they face no immediate threat, many institutions that rely for a significant part of their income on student fees

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