S&P fears global credit crunch - papers 11 July

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Fears of a global credit crunch grew yesterday after Standard & Poor's predicted that house prices in the United States would plunge 8% this year, dragging down America's capital markets and hitting economic growth, reports The Times.

The ratings agency’s pessimistic forecast will make it much harder for all but the most credible companies to raise debt, making it more expensive to finance investment and threatening America’s economic growth. THE PLIGHT OF THOUSANDS OF FAMILIES left with huge insurance claims following the recent floods was raised by ministers with insurance officials yesterday in an attempt to speed up the process, reports The Guardian. The government estimates that about 31,000 homes and 7,000 businesses, mostly in the Midlands and northern England, have been affected and said yesterday's meeting w...

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