Morgan Stanley warns of UK default

Investment bank Morgan Stanley issued a report warning of a possible default on United Kingdom sovereign debt sometime in 2010, due to unsustainable deficits.

I would debate you can replace the initials UK with US, and the same could be true further down the road. Both governments are saddled with huge debts and unfunded liabilities. Losing their AAA credit rating would be cataclysmic to financial markets globally.

http://www.telegraph.co.uk/finance/economics/6693162/Morgan-Stanley-fears-UK-sovereign-debt-crisis-in-2010.html