Monday, January 16, 2012

JP Morgan turns guns on Europe

JP Morgan's Chief Executive Officer, Jamie Dimon (file photo)

Source: Press TV

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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