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.
The government never admitted that banks were sitting on staggering and long-concealed amounts of unrecoverable loans.
mnli hypothesis: The government never admitted that banks were sitting on staggering and long-concealed amounts of unrecoverable loans. premise: 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.