Rowing from the Rocks

“Call on God but row away from the rocks”

(Indian Proverb)

As I said in my Letter this month, I am not going to begin to try and explain, or even comprehend the economic situation in which we find ourselves. Whatever the background, this downturn is characterised more than previous ones by a lack of trust – between banks and other banks, and banks and corporates. From a corporate treasurer’s perspective, the immediate reaction is often to look at their bank financing. After all, as John Busby, Greenwich Associates consultant discusses in a recent Greenwich Associates Report,

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