Why Britain May Fare Better Than ExpectedStanley Reed
Is Britain in danger of once more becoming the sick man of Europe? A return to the chronic economic malaise of the 1970s and 1980s is easy to imagine, given the government's frantic efforts to save the country's biggest banks and restore confidence to a demoralized public. On top of everything else, Standard & Poor's (MHP) on May 21 shocked the country and the world by warning that Britain's soaring public debt might eventually force the ratings agency to withdraw its AAA seal of approval.
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