The credit crunch has cost world governments a combined total of over $10trn in support for financial institutions, according to the International Monetary Fund (IMF).
IMF research also suggests the UK will suffer one of the worst budget deficits in the developed world following its huge bailout programme. The bulk of spending, around $9.2trn, has come from the major developed economies, while an additional $1.6bn has been stumped up by developing countries. Much of the costs have come from guarantees and loans, though almost $2trn has already been spent up-front. The overall budget deficit across the G20's rich countries is expected to hit 10.2% in 2009, the worst since World War II, but Britain is expected to fare particularly badly. By the ...
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