World-News

The world's richest nations called Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession.

http://news.yahoo.com/s/afp/20090214/bs_afp/financeeconomyg7_20090214164005



Britain's bankers plumb new depths

Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a "far greater financial crisis" than the current one.

http://business.timesonline.co.uk/tol/business/columnists/article5729034.ece



Bank Failures May Reach 1,000 on Bad Loans, RBC Says

As many as 1,000 U.S. banks may fail in the next three to five years, almost double the one-year tally at the height of the saving-and-loan collapse, as losses mount on commercial real-estate loans, RBC Capital Markets analysts said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=afK.wvOmLMpU&refer=home



European banks' toxic debts risk overwhelming EU governments

The toxic debts of European banks risk overwhelming a number of EU governments and may pose a "systemic" danger to the broader EU banking system, according a confidential memo prepared by the European Commission.

http://tinyurl.com/bkx3ku



US foreclosure image is 2008 World Press Photo

A picture of an armed sheriff moving through an American home after an eviction due to a mortgage foreclosure was named World Press Photo of 2008 on Friday.

http://tinyurl.com/dlc9qr


From Information Clearing House



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