While You Were Out: A Precis of This Summer’s Financial Action

The Times has an incisive and nicely conversational summary of what has happened this summer on global financial markets while many participants were away in Nepal and the like.

I’ve been away for six weeks. Much been happening?

You could say that. Financial markets have been in turmoil. Central banks have had to extend emergency lines of credit to cash-strapped banks. Hedge funds have collapsed. Institutions have been bailed out using taxpayers money. Scores of planned mergers and acquisitions have been cancelled. Normal service in the City has, for the present, been abandoned.

More here.