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Source:
Economist. 11/24/2007, Vol. 385 Issue 8556, p15-16. 2p.
Subject Terms:
*FINANCIAL crises; *GOVERNMENT ownership of banks; *ECONOMICS; *MANAGEMENT; EDITORIALS; BRITISH politics & government

Additional Information
- Subject Terms:
  UNITED Kingdom
- Subject Terms:
  NORTHERN Rock PLC ; BANK of England
- Abstract:
  The author offers opinions on the financial problems of Northern Rock, once Great Britain's largest mortgage lender. The firm owes the Bank of England almost $50 billion in loans it cannot repay, and European Union rules prohibiting government aid to industries means the Bank must find a buyer for Northern Rock by March, 2008 or let it fail. The author believes that nationalizing the firm is the best of several bad alternatives.

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