Citibank fears fresh wave of defaults in eurozone

edmundfitzgerald

Tough sledding ahead

unknowncomic

"The United States is as heavily indebted as any country in Europe, leaving it highly vulnerable if the yields on US Treasuries rise further. "US public debt is already 93pc of GDP but if you include the debts of Fannie and Freddie [the mortgage giants] it is 130pc, which is exactly the same as Greece. Slam on another percentage point in yields and it will hurt," he said.

"It is just a question of time before the market turns on the US as well. It will be the last of the Mohicans to be gathered up, and that will leave only Norway."

TIME TO CIRCLE THE WAGONS BOYS.

derryb

Banks should learn not to fear defaults anywhere. Either the US Fed, the IMF or the ECB will bail them out of their bad gambling choices at the expensive of the citizens. Only country to say NO to the IMF was Iceland and it has expedited their recovery.