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The rats begin to squeak:

“(In a) beyond-severely adverse scenario, then it could be that some banks are undercapitalized and at that point policy makers might have to take further actions such as recapitalizing or restructuring banking systems,” Adrian said.

Helping countries in times of distress was “bread-and-butter” work for an institution like the IMF, he added.

Translation: the global economy is in full meltdown. Bread and butter, like bread and circuses, comes to an end one day.