The Guardian Newspaper ran an article this week highlighting that an independent Scotland would need the support of the UK Treasury and the Bank of England to prevent savers in its banks being as vulnerable as those who had money in Iceland during the 2008 financial crisis. S&P were the source of the research.
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Ratings agency: banks in independent Scotland risk Iceland-style meltdown
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In a detailed analysis of where the Scottish banking system would stand after a yes vote, Standard & Poor's concluded it would be "challenging" for a government in Edinburgh to support its banks without the backing of London because their assets would be 12 times as big as the country's output – far higher even than Iceland's banks before their crash.
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