Bankruptcy Crisis Is Worldwide
henk - 28.07.2002 14:52
Bankruptcy Crisis Is Worldwide
 http://www.rense.com
July 28th, 2002
WEISS COMMENTS
Bankruptcy Crisis Is Worldwide
-- July 26, 2002
The bankruptcy crisis we've warned you about isn't isolated to only U.S. companies. Though Enron, WorldCom, Global Crossing, Kmart, and others immediately come to mind, corporations across the globe have struggled to remain afloat this year.
In just the second quarter of 2002, according to Standard & Poor's, 56 companies worldwide defaulted on $52.1 BILLION in debt. That's the most money ever defaulted on in a single quarter!
Companies have been piling on the debt for years now. During the bull market, they were able to keep borrowing -- some even borrowed just to pay off what they had borrowed previously -- digging themselves deeper and deeper into debt! Now, the gravy train has ended. And many companies are ending up on the bread line.
With major companies on the brink of failure, we expect the size of defaults to grow even larger in coming quarters. And that won't be good news for the global economy -- or the world markets.
related article: S&P Says Global Defaults Hit $52.1 Bln In Q2 2002
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