Quote of the Day

“I am seriously worried that British government is losing control…The $4.4 trillion of foreign liabilities accumulated by UK banks are twice the size of the British economy. UK foreign reserves are virtually nothing at $60.6bn...We cannot even do what Iceland did to save its skin...The debts are too big. If London takes such disastrous action it will set off global panic and lead to an asset death spiral, drawing the entire world into deep depression...England has not defaulted since the Middle Ages. There is a real risk it may do so now.”
Ambrose Evans-Pritchard, the Telegraph 's Business Editor