Telegraph: The economy: more horrible truths

Look at the majority comments on this article. I don't like the persistent use of "reluctance of banks to lend" though, which you can see everywhere, much better would be to say "banks aren't allowed to price in the high risk of defaults". Also an attack on public sector expansion at the expense of the private sector, although seen here as misguided instead of ideological(also misguided imo). The conclusion is that either international investors will fund government borrowing or the UK will end up with the IMF. I wonder which it will be. Both seem pretty bad. Hope springs eternal etc The main problem with the IMF is that apart from admitting the UK is toast, they won't be able to help us. 2009, here it comes.