Take the following as truth: The government's gradual and reluctant admission that, despite previous assurances, banks were sitting on staggering and long-concealed amounts of unrecoverable loans (originally secured against land values) caused an unprecedented crisis of confidence.
Then the following statement: "The government admitted that banks were sitting on staggering and long-concealed amounts of unrecoverable loans." is true, false, or inconclusive?
Answer: True