UK-US stage bank collapse scenario

Ugh... I don't like the sound of this.

The Belfast Telegraph (NI)
11 October 2014
UK-US stage bank collapse scenario

Chancellor George Osborne and Bank of England governor Mark Carney are mounting a joint exercise with the US to gauge the transatlantic response to the collapse of a huge multi-national bank.

They will join US Treasury secretary Jacob Lew and Federal Reserve chairwoman Janet Yellen on Monday in the exercise to determine how authorities in both countries would deal with such a banking failure.

Finance ministers from the world's largest economies, meeting in Washington, were addressing continuing efforts to strengthen financial regulation to prevent a repeat of the 2008 financial crisis, the worst disruption of the banking system since the 1930s.

They said they were determined to prevent a slide into another global recession, but Mr Lew expressed frustration that a number of key nations were not doing enough to increase growth....

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