Bank crisis and credit crunch to cost $2.8 trillion according to Bank of England

$2800000000000 that is how much the credit crunch is going to cost the world economy according to the Bankof England.

The estimate, contained in a speech by Sir John Gieve, deputy governer of the UK’s sovereign bank is as a result of “sharp rises in consumption and activity and earnings to well above sustainable rates”

Read the full speech here: http://www.bankofengland.co.uk/publications/speeches/2008/speech363.pdf

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