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US Avoids Default

Titan Business Insurance welcomes the news that the US had avoided defaulting on its debts and has passed a Bill to keep it open for business.

Titan Business Insurance, one of the UK’s largest brokers, welcomes the news that the US has avoided defaulting on its debts and signed legislation which allows the country to keep paying its way.

A bipartisan compromise deal was struck at the last moment to raise the US debt ceiling to nearly $17 trillion, which avoided the financial default. President Barak Obama was able to sign the new Bill after it passed votes in the Congress and Senate. Republicans won a major concession to make savings of over $2 trillion within the next ten years.

After an initial sigh of relief from the markets, Wall Street and Asian markets were off between one and two per cent. Observers felt the negotiations were handled badly in Washington and the cliff-edge talks did nothing to renew confidence at the same time as the US released poor June consumer spending data.

Chief Executive Officer of Titan Business Insurance, Basil Tsapralis, said:

“Whoever was right in the US about how the country should face its rising debt mountain, these now regular last minute talks are bad news for everyone as it creates nervousness in an already jittery market. But what would have been far worse was if the US politicians had actually not reached agreement and defaulted. The shock waves would have reverberated throughout the globe and at this time in the fragile recovery, could have had horrific consequences for us all.”

Titan Business Insurance is one of the biggest players in the sector and handles client’s interests throughout the UK, offering competitive rates and a high level of customer service.

Contact: Titan Insurance on 0207 731 3700 for any enquires.

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