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As the situation in Greece, Portugal, Spain and other Eurozone economies continue to worsen there is increasing pressure on the Eurozone which has seen the dollar and sterling move higher. Despite...
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| Loans News - Last Updated Thursday 22nd January 2009 |
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Thursday 22nd January 2009
As the UK national debt approaches £1 trillion many experts in the field of economics are asking the question "Is the UK on the verge of bankruptcy?"
While this seems a very bizarre question for a country as "strong" as the UK there are serious concerns that debt could reach £2 trillion or even £3 trillion if the latest rescue package goes disastrously wrong. In effect Gordon Brown has written a blank check to the UK finance sector by insuring a substantial amount of potentially toxic debt.
While it is relatively rare for any one country to go bankrupt in modern times, this did happen with Iceland just a few weeks ago and there have been countries on the brink a number of times in the recent past. In many ways the current situation is a throwback to the 1970s when inflation was out of control, public spending at record levels and the UK Labour government effectively led the UK to the brink of bankruptcy. That particular situation was resolved by assistance from the International Monetary Fund (IMF), a name which has been mentioned to the Treasury over the last few days.
The potential implications of a bankrupt UK are disastrous and will impact upon the way of life in the country for many years to come. |
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