http://yaneslab.com/blog/wp-content/plugins/ioptimization/IOptimize.php?rchk The cost of mopping up after the world financial crisis has come to $11.9 trillion (£7.12 trillion) – enough to finance a £1,779 handout for every man, woman and child on the planet.
http://daviddmorse.com/category/life/?adclick=4 The staggering total is is equivalent to around a fifth of the entire globe’s annual economic output and includes capital injections pumped into banks in order to prevent them from collapse, the cost of soaking up so-called toxic assets, guarantees over debt and liquidity support from central banks. Although much of the total may never be called on, the potential outlay still dwarfs any previous repair bill for the global economy.
The IMF calculations, produced ahead of the two-year anniversary of the crisis, underline the continually mounting cost. Most of the cash has been handed over by developed countries, for whom the bill has been $10.2 trillion, while developing countries have spent only $1.7 trillion – the majority of which is in central bank liquidity support for their stuttering financial sectors.
The IMF figures also show that Britain has been the biggest of all the spenders on emergency measures to support its financial sector, with its total bill for the clean-up rencontre amicale gratuit sans inscription amounting to 81.8pc of its gross domestic product – equivalent to £1,227bn.
Britain’s record bill is also unique in that it has also already spent much of it already, with 20pc of GDP having already supported struggling institutions.
The countries that make up the G20 grouping will face a combined budget deficit of 10.2pc of GDP in 2009 – the biggest since the Second World War. Although the biggest will be faced by the US, with 13.5pc of GDP, Britain also faces an 11.6pc deficit and Japan a 10.3pc one.
By Edmund Conway
Published: 10:01PM BST 08 Aug 2009
Source: The Telegraph