Two More Years Of The Credit Crisis?

Originally Published 5^th March, 2009

When asked how long the current credit crisis will last, Mick McLoughlin, Global Head of Restructuring at KPMG, tends to take issue with the question. He maintains that we are no longer in the grips of a credit crisis. Instead, he maintains that we have moved on to something far more difficult to escape from; a crisis of confidence.

Governments, the media and employers alike all have a role to play in restoring that confidence. In the meantime, he believes there's a huge amount of work required to address the excesses of the past five years – and that alone could take a further two years. Mick McLoughlin explains.

Two years. Two years to undertake all the corporate restructuring work which should have taken place from 2003 to 2008. That's my standard answer at the moment when people ask me how long I think this crisis, this global recession, will last.