World top bankers warn of dire consequences if U.S. defaults

Emily Stephenson
Oct. 12, 2013


Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.”

“This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington.

“I have no recommendations for this audience…about putting band aids on a gaping wound,” he said.

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1 thought on “World top bankers warn of dire consequences if U.S. defaults

  1. Nobody on either side of the aisle expects to default. Everyone in the world knows the debt ceiling will be raised but this is the only opportunity that Republicans have to reign in the spending and try to tie Obama down to a budget. Maybe it will work and maybe it won’t. Obama is very arrogant.

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