The IMF Warns That A New PIIGS Crisis Could Sink The UK Recovery

british

The U.K. is massively exposed to the debt of nations such as Spain, Greece, and Ireland, according to The International Monetary Fund (IMF).

Here’s why what happens to the Eurozone doesn’t stay in the Eurozone:

Independent:

The IMF said banks could be hit by further woes in troubled countries such as Greece, Ireland and Spain – with UK bank loans to these eurozone members accounting for about 14 per cent of gross domestic product.

The result is that any crisis would leave the U.K.’s recovery ‘highly vulnerable’ says the fund.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.