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Credit Suisse Warns of 'Last Days' For the Euro
Started:November 21st, 2011 (01:58 PM) by kbit Views / Replies:588 / 0
Last Reply:November 21st, 2011 (01:58 PM) Attachments:0

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Credit Suisse Warns of 'Last Days' For the Euro

Old November 21st, 2011, 01:58 PM   #1 (permalink)
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Credit Suisse Warns of 'Last Days' For the Euro

The financial storm menacing the euro zone could prompt the 17 nations using the common currency to seek closer integration despite political opposition -- or spell the "last days" for the common currency, Credit Suisse said Monday.

In a somber research note to clients, the bank said the debt fears of Europe's smaller, more troubled economies are now radiating to its largest nations. As a result, Credit Suisse warned that markets may well have "entered the last days of the euro as we currently know it."

Credit Suisse's analysts cautioned that a nuclear scenario -- a complete dissolution of monetary union -- wasn't immediate or even likely, despite the funding fears gripping both Italy and Spain.

However, the bank added that the current turmoil "does mean some extraordinary things will almost certainly need to happen -- probably by mid-January -- to prevent the progressive closure of all the euro-zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks."

The bank said that investors would only be reassured by credible signs that fiscal and political union in the 17-nation currency would be forged. "We suspect this spells the death of 'muddle-through' as market pressures effectively force France and Germany to strike a momentous deal on fiscal union much sooner than currently seems possible, or than either would like," Credit Suisse said. Only then could the European Central Bank take a more assertive role in preventing a collapse of the euro zone's financial system, the bank wrote.

In recent days, Germany has presented the idea of key changes the treaty that binds European nations. Yet both Germany and France have adamantly resisted the idea of jointly issued, euro-denominated bonds or other ideas that involve tighter fiscal links among euro-zone countries. Meanwhile, closer European integration has become increasingly unpopular among the Continent's citizens.

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