Britain braced for Credit Crunch Two: Widespread euro losses could force fresh squeeze on banks | Mail Online
Fears are growing that the downgrade of America's debt coupled with the mounting eurozone debt crisis will spill over into the banking system, sparking a second credit crunch at least as bad as the one that followed the collapse of Lehman Brothers.
A fresh credit crunch would cripple the flagging economic recovery and could heap yet more pain on companies in need of lending and on homebuyers struggling to get a mortgage.
Ray Boulger at mortgage broker John Charcol said: 'In the short term, interest rates will have to stay low for even longer. But what would be worrying would be a banking crisis on even half the scale we saw after Lehman Brothers. In that case we'll see the banks find it hard to get funding and the lenders will pull in their horns.'
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