Home > Man-Made Disasters > UniCredit Exec Says Euro ‘Practically Dead’, Greece’s Inevitable Default Will ‘Shake the World’

UniCredit Exec Says Euro ‘Practically Dead’, Greece’s Inevitable Default Will ‘Shake the World’


The ‘Revived Roman Empire’ has now been put on life support, and the prognosis doesn’t look good …

“(Reuters) – The euro is dead and cannot be saved, while Greece will inevitably default, Attila Szalay-Berzeviczy, Head of Global Securities Services at UniCredit Group wrote in an article on a Hungarian website on Wednesday.

Szalay-Berzeviczy signed the article as former head of the Budapest Stock Exchange.

‘The common currency of Europe is practically dead,’ he said in a long article posted on news website Index.hu.

A UniCredit spokesperson said, “The comments expressed by Mr Szalay-Berzeviczy are his own personal view and do not reflect the position of the company”.

Szalay-Berzeviczy said the only remaining question now was ‘for how many days the hopeless rearguard fight of European governments and the European Central Bank can keep up Greece’s spirits.’

‘As the moment when Greece declares default, Europe can be shaken by an earthquake of magnitude 10, which will bring the onset of an entirely new era in the life of the old Continent,’ Szalay-Berzeviczy wrote.

Szalay-Berzeviczy signed the article as former head of the Budapest Stock Exchange. He could not immediately be reached for comments.

He said Greece’s default will mean that the state will not be able to pay wages to its employees and will not pay pensions for quite a while, which would lead to a rush to banks’ cash-machines.

‘With the government securities stuck with local banks becoming worthless, an immediate liquidity crisis will lead to the total collapse of the Greek banking system,’ he said.

‘So the savings of depositors will also be lost as the Greek state’s deposit guarantee will no longer be available.’

Szalay-Berzeviczy said in this case, this ‘catastrophe’ would very quickly spread to the entire euro zone, Europe and would also shake the world, with contagion spreading via the banking system under such a scenario.” Read more.

Categories: Man-Made Disasters
  1. 09/29/2011 at 3:30 PM

    Just like we easily should have seen during the real estate bubble years that our houses weren’t ACTUALLY increasing in value $10,000 per month, it seems that we ought to be anticipating a collapse of some magnitude–western gov’ts are too large, pay their employees too much, give them too many benefits, and install too many regulations on businesses…

    So what will be the result on the average Joe? Will our taxes go through the roof? Will gov’ts lay off a large percentage of workers? A lengthening and deepening depression? What would be the smart actions to take right now?

    Like

  2. Anonymous
    09/29/2011 at 4:50 PM

    Kurt – there really is no other reaction that we can take other than to put it all in Gods hands – HE WILL PROVIDE – I read the other day that there is one bank in the US that has $256 TRILLION dollars in derivatives on its books I wont mention its name in case the story is not fully true but regardless its days are coming – much of the gold being bought and sold today is paper gold or what you get is a certificate saying you have so much gold but no real gold – the worlds entire money system is really a game run maybe a better word would be being manipulated by a few people

    I am expecting one day to wake up and all money will be history – Think it is impossible – I remember being in Africa every time a government changed hands it money changed new dictator new face on the money – I seen it in Brazil it happen in Argentina and almost every South American country at some time in their history – Iran after the Sha fell – Pakistan – the UAE when they went to the Dir ham when I lived in India one day they simply announced that all 100 Rupee notes were cancelled in 30 days – people had 30 days to get their unaccounted for funds and money out of hiding and cash it in – it was a underground tax thing – Remember Germany it was the same thing a wheel barrow full to buy a loaf of bread and a new Germany and a new currency

    I have a feeling if a collapse were to come that this may be the window of opportunity for the A/C to come into power – whoever controls the money controls the power

    Like

  3. Anonymous
    09/29/2011 at 4:53 PM

    Kurt once again Anonymous comes up when I post

    Willard

    Like

  4. 09/29/2011 at 5:35 PM

    We know who you are, and we’re keeping our eye on you, Willard of Canada. We know right where you are.

    Like

  5. 09/29/2011 at 5:35 PM

    Boy, I even tried to be anonymous, and it didn’t work!

    Like

  6. Anonymous
    09/29/2011 at 6:50 PM

    Thanks BIG BROTHER

    Like

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