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US bank warns of eurozone breakup 'pandemonium'

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Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:59 AM
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US bank warns of eurozone breakup 'pandemonium'
Citigroup economist and former central banker Willem Buiter warned Thursday that a fully blown breakup of the eurozone could spell a global depression with unemployment of 20 percent and economic pandemonium.

Sketching a stark picture of the stakes facing European leaders as they gather in Brussels to discuss how to save the single currency, Buiter said a breakup would unlikely be planned, orderly or gradual.

Buiter, a former Bank of England policy maker, predicted in a research note that a breakup would be "disruptive, destructive and without any winners."

cont'd

http://news.yahoo.com/us-bank-warns-eurozone-breakup-pandemonium-172633943.html
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