Friday, June 26, 2009
Denis Healey Goes to the IMF
"The numbers peppered through the Bank of England's latest Financial Stability Report are staggering. Global credit crunch losses stood at Â£15trillion at the end of March, or half of world gross domestic product. Rising unemployment, which already exceeds 2.2million in Britain, will trigger further loan defaults and deplete banks' capital..... For example, the report says mortgage arrears in Britain could be set to double as the recession bites".