Monday, February 16, 2009
Banks could make Britain go bust
The pound has been plunging as international investors have got the jitters about British banks' $4.4trn of external liabilities. Add a large chunk of these to our other national borrowings, and we could reach a point where we can't raise the money to pay the bills. What's more, we have form. Don't forget in 1976, we had to call the IMF for help.