Britain - in no position to laugh at Iceland

Taxpayers are already facing a loss of almost £10 billion on their investment in Royal Bank of Scotland, Lloyds TSB and HBOS even before the Government hands over a penny. That is what their languishing share prices are saying.

The recession has barely begun and the banks are on their knees. Scores of billions of pounds of bad debts are yet to come, as companies and individuals default on loans.

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