Royal Bank of Scotland Latest Victim of Greek Meltdown

By:  Bruce Walker
08/08/2011
       
Royal Bank of Scotland Latest Victim of Greek Meltdown

The problems of European public debt reach beyond the borders of the nations that cannot pay their bills. The meltdown of the Greek economy, which is prompted by the sovereign debt crisis, is affecting banks throughout Europe. On August 5, the Royal Bank of Scotland announced that it suffered a net loss in the first half of this year in the amount of £1.4 billion due to its exposure from the struggling Greek economy.

The citizens of the United Kingdom ultimately will pay the price of this loss. The government owns more than 80 percent of the stock in the Royal Bank of Scotland. Four years ago, the Royal Bank of Scotland was rescued from collapse by the British government providing an enormous £45 billion bailout, which was the biggest single bailout in the world.

The problems of European public debt reach beyond the borders of the nations that cannot pay their bills. The meltdown of the Greek economy, which is prompted by the sovereign debt crisis, is affecting banks throughout Europe. On August 5, the Royal Bank of Scotland announced that it suffered a net loss in the first half of this year in the amount of £1.4 billion due to its exposure from the struggling Greek economy.

The citizens of the United Kingdom ultimately will pay the price of this loss. The government owns more than 80 percent of the stock in the Royal Bank of Scotland. Four years ago, the Royal Bank of Scotland was rescued from collapse by the British government providing an enormous £45 billion bailout, which was the biggest single bailout in the world.

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Photo: AP Images

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