U.K. & Ireland News
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“Cascading default, bank runs and catastrophic risk” lie ahead for the world economy unless Europe resolves its festering debt crisis, Timothy F. Geithner told global finance chiefs on the morning of Sept. 24.
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U.K. house prices fell for the first time in three months in September as turmoil in financial markets spurred by Europe’s debt crisis undermined confidence, Acadametrics Ltd. and LSL Property Services Plc said.
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Shareholders in European banks are resisting calls to pump more capital into the industry, pressure that may leave taxpayers as the investors of last resort.
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Greek bondholders are preparing to lose as much as 60 percent of their investments as European leaders try to impose a solution that reduces the nation’s debt burden by enough to end the debt crisis.
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