“Sovereign-debt concerns in Europe and in the United States grab headlines repeatedly though another credit crisis poses just as much as a threat to the global economy — tight credit for households and smaller businesses, said Mohamed El-Erian, CEO of fund giant Pimco.
Banks in the United States, Europe and elsewhere have been reluctant to lend to households, individuals and smaller businesses in wake of the 2008 credit crisis.
As a result, unemployment rates remain high and recovery suffers.”
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