Brace yourselves for 2009

Story link: Brace yourselves for 2009

How much longer can the Government afford to keep the banks afloat though, as bad debt is hardly likely to decrease in the New Year?
Personally, I don’t feel banks can keep them selves afloat for at least 12 months, which means the Government needs to have deep tax payers. This cost will be passed onto the tax payers, of course!

Brace yourselves for 2009

European banks are bracing for a difficult 2009 as a rising tide of corporate bankruptcies adds to their problems with bad mortgage and credit-card loans.
With the U.K. on the brink of recession and the euro zone heading for what could be its sharpest downturn since World War II, analysts are predicting billions of euros in write-downs for banks as more companies run into trouble and renege on their debts. The losses could present a challenge to European governments, which in the past few months have spent more than €70 billion ($97.79 billion) on capital injections to keep their banking sectors afloat.