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Global Credit Squeeze
This collection of news and analysis focuses on "defaults on US subprime mortgages [in 2007, which] have developed into a global issue. Hedge funds and banks have been exposed to the US problems, which has led to a global credit squeeze." The "credit squeeze explained" interactive feature is a good starting point for understanding the issues. From the Financial Times.
http://www.ft.com/indepth/subprime
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