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


Emily Stephenson
Reuters
Oct. 12, 2013

default-300x2502Three 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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