October 6, 2008 Worst-case scenario is approaching rapidly David Wighton, Business and City Editor The credit crisis, which has been building slowly for the past year, is now moving so fast that governments around the world are finding it impossible to keep pace. On Saturday Angela Merkel, the German leader, criticised last week’s decision by the Irish to guarantee all deposits in their leading banks without consulting other European countries. The Irish Government said that the move was forced on it by the threat of a run on one of its banks. Only a day later Ms Merkel was forced...
