Monday, October 20, 2008

They had plenty of help

Statement from UK Treasury --

HM Treasury warns businesses of serious threats posed to the international financial system

This constitutes advice issued by HM Treasury about serious threats posed to the integrity of the international financial system.

There is certainly enough material for such a warning, one would think. So what do they mean? Er, the huge threat to the financial system posed by some banking transactions in Iran, Pakistan, São Tomé & Príncipe , Uzbekistan and northern Cyprus. It's not clear which of these fiendish countries came with over the counter credit default swaps.

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