King sees severe threat to UK financial markets


Mervyn King, the governor of the Bank of England, on Tuesday said that instability in Europe could lead to further severe stress and dislocation in financial markets.

In a letter to George Osborne, the UK's chancellor of the exchequer, King described his assessment of the UK economy and warned that recent developments in world stock markets and the euro area posed serious risks to the recovery.

"Several member countries face substantial challenges in ensuring the sustainability of their fiscal p

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