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But dependence on finance was a hard habit to break in the bubble years, with G.E. Capital rolling in cash.
Samuel Tombs, the chief UK economist at consultancy Pantheon Macroeconomics, said: "London was unscathed by the last recession, but its dependence on finance now is its achilles heel".
Despite forebodings about its dependence on finance, the capital's post-industrial economy proved to be a boon rather than a bane.
And New York's economy differs from those of many other major metropolitan areas because of its greater dependence on finance and professional services, tourism and business travel, he said.
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It means creating jobs, rebalancing the economy away from its over-dependence on finance, and taking practical steps to begin today making the shift to zero carbon implied by the ambition of the Paris climate accord.
Although the Brexit vote and the General Election surprise result were down to numerous complex factors, they were also facts of a post-crisis society: a clear signal that British capitalism, with its over-dependence on finance capital and real estate, isn't working.
Its dependence on foreign finance is on a par with Greece's.
Despite this continued dependence on external finance, the minister has re-affirmed that external debt must be sustainable in the medium and long terms.
The key to the relationship is America's utter dependence on Chinese finance to fund the federal budget deficits.
Increased dependence on Federal financing schemes, such as the proposed Envir onmental Financing Agency, may also emerge if local bond proposals keep getting de feated with greater fre quency.
Depending on the specific environment, possible effects include dependence on Central Bank financing, bankruptcy, or an eventual return to the private financial markets for future funding.
More suggestions(17)
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dependence on revenue
dependence on economy
dependence on banking
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reliance on finance
dependence on resource
dependence on fund
dependence on capital
dependence on credit
dependence on facility
dependence on business
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dependence on cash
dependence on investment
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dependence on resources
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