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Full Terms and Conditions apply to all Subscriptions. Or, if you are already a subscriber Sign in. Other options. Close drawer menu Financial Times International Edition. Search the FT Search. The second, is that the risk to the UK is a crisis that would start in the financial sector, where banks stop lending, rather than other sectors.
He argues that UK economy's destiny rests with the financial sector's reaction to a breakdown in the eurozone, not the breakdown of the eurozone itself. There is a desperate anxiety in the financial community to say that unless governments give us lots of money and pay off our debts the world will come to an end - without being very specific about how it comes to an end.
We are enthralled to the financial community as we were in and They are saying if you don't give us loads of money we will bring the world as you know it crashing down around your ears. To some degree they can do it, it's not an empty threat. As far as an ordinary British business is concerned if the eurozone collapses new currencies are created and some go up and some go down.
That's what happens. But the real impact is what happens in the financial sector and how that impinges on them. It was the knock on consequences if you couldn't get a loan from your bank rather than a crisis in America. As in this is a financial sector problem and that sector will work very hard to make it into a problem for the rest of us one way or another. Until we tackle that culture, it will keep reoccurring.
Reality check: eurozone crisis index. Turn autoplay off Turn autoplay on. Jump to content [s] Jump to comments [c] Jump to site navigation [0] Jump to search [4] Terms and conditions [8]. Global Blogposts.
What would the collapse of the euro mean for the UK? There is speculation today that if the eurozone breaks-up, it could in fact help the UK's economy longer term than if it survives. Polly Curtis rounds up opinion on the implications of a euro meltdown for the UK. Get in touch below the line, email your views to polly. The "doomsday scenario," he said, is the credit flows stop, meaning economic activity and trade stop or get severely curtailed. People who make things, they eventually have nothing to do, and they'll be out of a job.
It may not happen next week, but could happen next year. While Canadian banks don't have much direct exposure to Europe, they would be affected by the "calamity raging in the credit marketplace," Gagnon said, meaning they would have to stop lending to other banks. But Gagnon said Canada, with its relatively healthier banks and deficit containment, is in a better position than other countries to deal with the crisis. Canada Why Canadians should care about a euro collapse The demise of the euro would deliver a significant blow to the Canadian economy, leading to less trade, higher unemployment and a possible recession, financial experts say.
Social Sharing. Banks' failure may affect the world As some European governments would default, banks holding those bonds would not have money to lend, drying up liquidity, sparking a severe global economic contraction and causing a major economic crisis.
But what does that mean for the average Canadian?
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