Australian analyst says UK banks at risk of euro crisis

13:28, May 23, 2010      

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Britain was at risk of falling victim to the European financial crisis amid signs that investors view British banks as increasingly risky, an Australian analyst said on Sunday.

University of New South Wales Professor of Business Law Michael Peters said rising lending rates between British banks were a sign the fallout from the European debt crisis has already spread to England.

"The United Kingdom is the basket case no one wants to talk about," Peters told Australian Associated Press.

"The problem is Britain is worse than Greece. The Greek's borrowed money for infrastructure ... whereas England borrowed all its money to underwrite the banks during the global financial crisis."

Britain's debt by December 2009 was 1.69 trillion dollars (1.41 trillion U.S. dollars), or 68.1 percent of its gross domestic product (GDP), the latest figures from the United Kingdom (UK) Office of National Statistics show.

That was compared with around 45 percent of GDP in 2007.


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(Editor:黄蓓蓓)

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