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?

Euromoney’s 2012 FX survey results

Euromoney’s 2012 FX survey results

Access the results now

October 2005

UK will not tackle excessive debt


Chancellor Brown is breaking the rules he set for himself when prudence is ditched for unfettered spending.


If, as reported when Euromoney was going to press at the end of September, the European Commission was about to launch its Excessive Deficit Procedure (EDP) against the UK, it will demonstrate how the country's public deficit problems cannot be disguised for much longer. According to Bank of America research, UK borrowing in the first five months of the 2005/06 financial year was £20.8 billion, higher than in the same period in any of the previous three years.


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