In an interview published Monday in The Daily Telegraph, former U.S. Federal Reserve Board chairman Alan Greenspan warned that Britain was susceptible to some of the problems now roiling the U.S. real estate market.
"Britain is more exposed than we are—in the sense that you have a good deal more adjustable-rate mortgages," he said.
Shares in one of Britain's largest lenders tumbled another 30 percent Monday as customers, driven by fears of insolvency, made run on the bank and withdrew billions.
Bloomberg.com:
Gold Advances to Near 16-Month High After Run on Northern Rock
By Danielle Rossingh
Sept. 17 (Bloomberg) -- Gold rose to near a 16-month high in London as customers lined up across the U.K. for a third day to withdraw funds from branches of Northern Rock Plc after the lender was bailed out by the Bank of England.
Edited by Rogerdodger, 17 September 2007 - 09:04 AM.
