Link to original article, June 2, 2012
The head of the World Bank, Robert Zoellick, warns:
- Financial markets face a rerun of the Great Panic of 2008.
- “It is far from clear that eurozone leaders have steeled themselves” to create “euro-sovereign” guarantees of bank recapitalization, which is likely necessary to prevent progressive crumbling of the eurozone.
- “Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008…. If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.”
- “There will not be time for meetings of finance ministers to discuss the outlook and debate the politics…. In panicked markets, investors flee to safe assets, sparking other flames.”
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