The taxpayer will be forced to underwrite up to £200 billion of bad banking debt under a government plan to take control of assets belonging to Britain’s major high street lenders, The Daily Telegraph can disclose.
Calculated Risk notes that if the the US handed out as big as a bailout in proportion to its GDP it would have to be almost 10 trillion dollars. Markets are not reacting well to this news. Unlike Macro Man, I personally feel that an Iceland like collapse is coming for Great Britain in the near future.