China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

The truth about Asian investment banking

September 1996

Here comes the millennium


Last National Bank of Boot Hill, Moorgate, London EC2


Yes, it's meet and greet time once again in old Washington dc featuring the imf and World Bank and a supporting cast of 10,000, give or take the odd freeloader, but this time your boy gets tapped by the Group of 30, which represents the better element among the attendees, so the other 9,970 get left out, and I have to make its keynote speech, on global Banking in the New Millennium.

Mom, this is the kinda chore that is a signal honor, or the other way around, but there is no ducking out of it, I sit down with my crystal ball to conjure up a millenary world where banking is a great new business, but my crystal tells me one or two other things are apt to happen first.

IMF goes bust: obvious, really, they make the same mistake as Barings, they ship all their capital...


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