The American Empire in a Changing World


Monday, June 25, 2012

''U.S. Banks Aren’t Nearly Ready for Coming European Crisis''

From Bloomberg
By Simon Johnson

''The euro area faces a major economic crisis, most likely a series of rolling, country-specific problems involving some combination of failing banks and sovereigns that can’t pay their debts in full.

This will culminate in systemwide stress, emergency liquidity loans from the European Central Bank and politicians from all the countries involved increasingly at one another’s throats.'' 

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