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As the UK economy continues to dive bomb towards recession the Bank of England has given its most blatant indication to date that interest rates will fall again in January. The indication was that...
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Monday 6th October 2008
When they shook the financial tree in the UK, Northern Rock, Bradford and Bingley and HBOS dropped off and many in Europe turned up their noses at the weak UK economy. Now they have shaken the tree in Europe it looks as though the whole thing could literally fall over and crush many European economies under its weight.
Iceland has now stepped forward to claim the prize of the worst case scenario in the financial markets with the government today stepping in to take control of the country’s largest banks to avoid complete financial ruin for the country. What started so slowly in the US is now claiming victims all around the world and the European financial market is starting to resemble a battle field with the walking wounded completely lost and looking for help, but the vultures hovering above to claim the prize assets when they finally fall.
The move in Iceland is not just a one off situation for the country, it has already started to happen in an array of so called smaller EU member states. The UK has gone through its fair share of troubles, which are not yet over, but at the moment they are no where near as serious as Iceland’s problems. |
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