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Moody’s ratings agency said on Tuesday that the scale of problem loans to Chinese local governments was greater than anticipated, following the release of new data by China’s National Audit Office (NAO). Eugene Hoshiko / AP Moody’s also said its credit outlook for the Chinese banking system may turn to negative when considering the apparent absence of a clear master plan to deal with the local government [...] Visit msnbc.com for breaking news, world news, and news about the economy It could be the default heard around the world. If Greece can no longer make payments on its national debt, the financial shockwaves may rock your local bank. As the Greek government teeters and European countries appear deadlocked over a rescue plan, holders of Greek debt [...] |
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