JP Morgan’s Chief Executive Officer, Jamie Dimon says Europe is the largest threat to the global economy, calling for a solution to the economic woes sourced from the continent.
“We urgently need a solution. The longer the problem drags on, the less likely it is we get off lightly,” the CEO of one of the largest banks in the United States said on Sunday.
“I thought Europe would muddle through. I still believe that… The longer the crisis drags on, the more intense the pressure from markets will get,” he added.
Dimon noted that European countries needed to implement more credible austerity measures to solve the crisis.
In addition, he said that the European Central Bank had to provide more liquidity support for countries such as Spain and Italy.
According to Dimon, JP Morgan had already reevaluated all the contracts it held with European partners.
New York-headquartered credit rating agency, Standard & Poor’s, recently cut the credit ratings for nine eurozone countries. France and Austria, the latest countries to be examined by the agency, saw their ratings drop from AAA to AA+ on Friday.
In December, the S&P sounded the ‘credit watch negative’ alarm regarding the ratings for fifteen eurozone nations, including France and Germany.
Europe plunged into deep financial crisis in 2008, which has continued to intensify over the recent months.
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Who has invented the self fulfilling prophecy PIIGS, if not the Anglo-saxons, in order that the media stop speaking of the 9 GDP debt of England and stop to speak of the 15’000’000’000’000 $ debts of USA federal government? And now that this anglo-saxon self fulfilling prophecy fulfills, JP Morgan pretends it is European fault! But all banks where bankrupt in 2008, because of Goldman Sachs subprime products, and all government had to pay total 10’000’000’000’000 EUR to all bankrupted banks, in 2008, so, if the Europe governments are now bankrupt, it is because the american banks! JP Morgan, shut your mouth!
More rubbish from the real creators of the problem…what a dickhead. Close all the banks down. It is inevitable the crappy debt ridden world they created will collapse anyway and they will go down the tubes.
The Americans should be looking to clean up their own back yard which is the source of all the problems rather than pretend they a whiter that white.