BRITISH PM SLAMS BANKS FOR HIDING DEBTS !!!

[Daanyeer]

Source: http://www.abc.net.au/news/stories/2009 ... ion=justin
Posted Sat Jan 17, 2009 11:02pm AEDT

British Prime Minister Gordon Brown has chided banks for failing to own up to their bad debts, after shares in two major British banks dropped dramatically.

In an interview with The Financial Times, Mr Brown reprimanded British banks, telling them they must declare and write off their bad debts as soon as possible to allow confidence to return to the financial markets.

He said the Government might underwrite or buy bad assets and put them into what he called "bad banks".

He declined to rule out further capital injections or bank nationalisation, suggesting another rescue package is on the way.

Mr Brown said there was now a risk of what he called financial isolationism, as banks stopped investing overseas and that international coordination was essential.