Greek Debt Default Would Dwarf Argentina, Russia: Chart of Day
Bloomberg
19 Gennaio 2010
A Greek default would dwarf those of Argentina and Russia and risk a “vicious circle” of contagion in Europe, according to Jim Reid of Deutsche Bank AG. The attached CHART OF THE DAY shows how Greece has double the debt that Russia and Argentina had combined when they defaulted in 1998 and 2001. Portugal and Ireland also have levels of borrowing that may leave them vulnerable, according to data compiled by Bloomberg.
“The numbers involved are far greater than the Russian and Argentine defaults,” said Jim Reid, head of fundamental strategy at Deutsche Bank in London. If Greece’s position continues to deteriorate, Europe is “risking a vicious circle similar to what we saw in finance prior to the banking bail- outs,” he said.
European Central Bank President Jean-Claude Trichet’s warning Jan. 14 that no euro-region …
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