6 years ago
$1.6 trillion in risky ‘leveraged loans’ are overhanging the global economy
An art installation titled “Hang On a Minute Lads, I’ve Got a Great Idea” by British artist Richard Wilson — at The Peninsula hotel in Hong Kong, in 2015 — is based on a scene from the movie “The Italian Job”. It is only October and already the UK economy has set a dubious new record for the year: Leveraged loans to British companies have hit about £40 billion ($52 billion), according to the Bank of England. Prior to the financial crisis, new issuances of such loans only totalled £30 billion ($39 billion).
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