IIF says there are some very important and damaging ramifications that would result from a disorderly default on Greek govt debt

Author: Gerry Davies | Category: News
  • IIF document says hard default in Greece would lead to sizeable bank recapitalization costs, could easily be 160 bln euros
  • Default would hit ECB, Portugal, Ireland, Spain and Italy would also likely need support
  • “Hard to see” how contingent liabilities would not exceed 1 trillion euros

Reuters reporting.

Well there’s our first tape bomb.  EUR/USD down through 1.3200, presently at 1.3188.

Guess the IIF trying to concentrate a few minds as to what lies in store if/when Greece defaults.