King called for global bailout in March 2008: WikiLeak
Bank of England governor told US ambassador of need for nations to cooperate in order to recapitalise banking sector
Mervyn King, the governor of the Bank of England, mooted four of the world's advanced economies join forces to provide capital to a crippled banking system back in the spring of 2008, one of the latest WikiLeaks has revealed.
"Since last summer, the nature of the crisis in financial markets has changed. The problem is now not liquidity in the system but rather a question of systemic solvency," King told then US ambassador, Robert Tuttle, along with Robert Kimmitt, then deputy US Treasury
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