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Sounds horrible

Originally Posted by Telegraph

The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency.

Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment.

Analysts at UBS, an investment bank earlier this year warned that the most extreme consequences of a break-up include risks to basic property rights and the threat of civil disorder.

“When the unemployment consequences are factored in, it is virtually impossible to consider a break-up scenario without some serious social consequences,” UBS said.

"For every monarchy overthrown the sky becomes less brilliant, because it loses a star. A republic is ugliness set free." - Anatole France

Personal Motto: "Deō regī patriaeque fidelis."

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Reply with quote  #2 

Greek debt negotiations have apparently collapsed, and in a case of particularly bad timing France simultaniously announced that it is about to have it's credit rating lowered by S&P from AAA to AA+.  Indications are that France is not alone, and that S&P will lower Austria and Slovakia by one notch, and Spain, Portugal and Italy by two notches.  The Netherlands, Ireland, Luxembourg and Finland will keep their ratings for now but will be given a "negative outlook" comment indicating a possible downgrade in the near future.  Stock markets across Europe are taking this news very badly. 

Stay tuned and hope that the "serious social consequences" that Ponocrates quoted UBS on don't materialize...

The Lion of Judah hath prevailed.

Ethiopia stretches her hands unto God (Quote from Psalm 68 which served as the Imperial Motto of the Ethiopian Empire)

"God and history shall remember your judgment." (Quote from Emperor Haile Selassie I's speech to the League of Nations to plead for assistance against the Italian Invasion, 1936.)
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