eurozone danger for business
If Greece, Spain, or Portugal collapse, banks across the European Union will be left holding almost worthless sovereign bonds. It will be the end of the road if trillions of debt is written off, or “restructured” in the jargon. Major banks and corporations will fail.
Such contagion would leave governments helpless to respond. The IMF would be theoretically bust. The US Senate has already made its position clear by 94 votes to 0 — no more American dollars.
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