A banker's take on the year to come

The financial crisis is set to escalate in the New Year and it is difficult to see a way out, Matt King, a credit strategist at Citi, a bank, has said.

King told an audience at the London School of Economics on last Thursday: "I'm deeply pessimistic, it's already gone far enough to put the genie back in the bottle....It's going to get a lot worse."

Though interbank lending costs were falling, there was no lending going on. "Banks are flush with liquidity but don't want to lend. The banking sys

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