King justifies re-capitalisation

With banking conditions at their direst since the beginning of First World War, the British Treasury had to re-capitalise the country's ailing banking sector, said Mervyn King, the governor of the Bank of England.

Speaking in Leeds on Tuesday, King said that it was difficult to exaggerate the severity and importance of the "extraordinary and almost unimaginable, sequence of events" triggered by the collapse of Lehman Brothers. "Not since the beginning of the First World War has our banking

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