Global division will make this crisis worse than the 2008 recession Larry Elliott
Fifteen years ago this week the French bank BNP Paribas announced it was closing three of its hedge funds heavily exposed to the US sub-prime mortgage market. On the day little heed was paid to the news, but it quickly became apparent that just about every big financial institution was up to its neck in securities linked to American home loans. In early August 2007, BNP was simply the pebble that marked the coming avalanche.
Another August, another crisis. Memories of
