Monday, March 24, 2008
“Undisclosed Losses !”
Banks worldwide could be as much as £295billion in debt, Gordon Brown will warn this week. In a joint meeting with French President Nicolas Sarkozy, the Prime Minister will admit they are getting "increasingly concerned" about the world economy. And the pair will say the black hole of debt, causing the potentially explosive credit crunch, could be far worse than expected. It means more banks will be plunged into difficulty because they cannot get money to keep afloat. Savings could be threatened. Businesses and families will also find it more difficult to get loans and mortgages. And it will mean firms closing, unemployment rising and property prices falling.