Brown demands action on bank crisis

Brown demands action on bank crisis

uk.news.yahoo.com

Speaking to reporters in Downing Street, the Prime Minister said that the biggest problem facing UK banks was their exposure to international losses as a result of the collapse of the sub-prime mortgage market in the United States.

His comments came after the banks suffered another day of heavy losses on the stock market on Friday, with 25% wiped off the value of shares in Barclays at one point.

"As far as British banks are concerned the greatest problem that we have is international. It is the exposure of British banks to international losses that is the biggest problem that we face," Mr Brown said. "So what we need is an international solution."

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[edit on 17/1/2009 by Mirthful Me]

Great eh, annother bail out looms! I thnk this article is of particular inerest as to what Brown is actually implying in his words? Catch my drift anyone?
Also Obama is supposed to be promoting to the public annother bailout in the U.S according to a report in a british paper, and GB (thats gorden brown not great britain!) is saying that all the problems are due to U.S subprime morgages? Where does it end?
I mean c'mon, this goverment having already comitted to the first bailout doesn't even know the true extent of the problem! GB is also qouted in the link as saying this: "Earlier, he stressed it was essential that the banks came clean about the true scale of the so-called "toxic assets" still on their books"
How are future generations supposed to pay this ever increasing world debt? The only answer is for a new world economy, 'new world order' anyone?


uk.news.yahoo.com
(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.


[edit on 17/1/2009 by Mirthful Me]