The run on the Rock

However the Northern Rock story plays out from now on, it is clear that the episode is widely seen as threatening the reputation of the British public authorities involved and of the City of London. True, the market turbulence that found a victim in this second-tier British bank had its origins far away - in rising defaults in a section of the American financial system. It is true also that the speed with which problems starting in the US sub-prime mortgage market caused credit and liquidity to

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