The RBS economists estimate that the total amount of debt issued by public and private sector institutions in Greece, Portugal and Spain that is held by financial institutions outside these three countries is roughly €2,000bn. This is a staggeringly large figure, equivalent to about 22 per cent of the eurozone’s gross domestic product. It is far higher than previous published estimates. It indicates that, if a Greek or Portuguese or Spanish debt default were allowed to take place, the global financial system could suffer terrible damage.Didn't I just say this?
Wednesday, May 26, 2010
Euro Notes: European Debt Could Engulf Us All
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Do you think Greece should default on their debt? A large number of people in Greece are trying to get the government to default on the debt which would could have a knock on effect and destabilize Portugal and Spain... and Europe as a whole
A default could be catastrophic.
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