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For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.
But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.
On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.
While European leaders still say there is no need to draw up a Plan B, some of the world’s biggest banks, and their supervisors, are doing just that.
“We cannot be, and are not, complacent on this front,” Andrew Bailey, a regulator at Britain’s Financial Services Authority, said this week. “We must not ignore the prospect of a disorderly departure of some countries from the euro zone,” he said.
There's a depression headed for Europe, and the last time there was a depression in Europe we got Hitler, Mussolini and WWII! God only knows WTF we'll get this time.
Stock up on beans and bullets my friends, beans and bullets!
Schteveo
3 comments:
We would have been better off letting Hitler keep Europe.
He had no intention of STOPPING in Europe Anon. And he would have built both long range bombers and intercontinental ballistic missiles. They were well on their way toward the missiles. Bombers were on the drawing board and IF they had the manufacturing might of all of Europe behind him he probably would have gotten them built.
His allies the Japanese were coming at us from the west too. We had to do what we did. The fact that idiots here and there have screwed it up doesn't negate 70 years of freedom post WWII.
(maybe we should just reset the clock to the Revolution and be tied to England...that negates other problems that cropped up post 1776)
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