Playing With Dominoes In Europe

Posted By on October 6, 2011

IMF Advisor Robert Shapiro comments on the European financial crisis: “In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks”

Rest assured this is unlikely to happen, because it’s a game of dominoes. Once the first one goes down, they all go down!  And da boys in Europe know it. On the other hand…maybe stupid is their middle name.

From Zero Hedge……..

In an interview with IMF advisor Robert Shapiro, : “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 serrious 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.”

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