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Global Financial Meltdown In Two To Three Weeks
10-07-2011, 05:15 AM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
BBC Does It Again: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor

A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008....

http://www.zerohedge.com/news/bbc-does-i...hree-weeks-

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10-07-2011, 06:28 AM #2
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011


10-07-2011, 11:08 AM #3
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,572 Threads:1,443 Joined:Feb 2011
Hmmm....was just reading this...

Quote:S&P cuts core Dexia banks by one notch, on watch

Standard and Poor's on Friday downgraded the core banks of Franco-Belgian financial group Dexia by one notch, citing difficulties in securing wholesale funding and the need for increased collateral.

The ratings agency also said it could take further action, including further downgrades or even an upgrade, depending on how a proposed restructuring panned out.

The board of Dexia, whose shares are suspended, will meet in Paris on Saturday to vote on a break-up plan after Belgium and France pledged to guarantee its financing in the face of a share-price slide.

"We expect to resolve the CreditWatch placement once we have more information about what the restructuring means for Dexia's operating banks and more details about accompanying support that the French and Belgian governments could provide," S&P said in a statement.

S&P said it had lowered ratings by one notch to 'A-/A-2' on Dexia Credit Local, Dexia Bank and Dexia Banque Internationale a Luxembourg, which together represented over 90 percent of the group's consolidated assets.

http://www.business-standard.com/india/n.../148448/on

Could be the start of bank fail all across the EU. The ramifications of the Greek shït fest coupled with what's about to go down in Portugal, Italy, Spain and god knows who's next could possibly set off a chain of events that could bring the EU down in a short period.

Dexia is in the heart of the EU, and WAS a heavily into futures/derivative market and there is talk of nationalization at this point. Seems as if it's coming unglued.


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