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"If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."
Originally posted by Yukitup
reply to post by surrealist
S&F surrealist - thanks for the info, BUMP.
How many trillions did the '08 crisis cost? And this meltdown would dwarf '08's meltdown...
Originally posted by surrealist
IMF are usually quite reserved on their rhetoric regarding the financial crisis and possible outcomes, but perhaps not Shapiro being an adviser to the IMF.
Originally posted by SpaDe_
My money is on either Oct 24, or 28. One of those days will be the kick off of the downward spiral if all plays out as expected. Greece is only financed through the 24th I believe, and that will be the spark that ignites the fire. Then after that all it will take for it to go global fast is a bank to collapse in the shadow of the Greek default, after that it's game over because the cascade of dominos will be falling too fast to stop.