Blogmans' Notes: We keep hearing how the world will come to an end if the Euro breaks up when the Euro is not even 20 years old. The world or Europe or at least some countries in Europe have lasted a whole lot longer without the Euro, and will go on without it. I am sure there will be much pain in case of this currency crashes as is the case in all currency crashes but nations and the world have survived fiscal / monetary disasters in the past and I'm sure life will go on for the citizens of Europe, and of the world if the Euro does break apart. I am now of the opinion that whatever doomsday scenario the PTB present, it is the opposite of that which is the most beneficial for the masses. So a breakup of the Euro would be the best for the citizens of Euroland in the long run but it would be disastrous for the big banks and politicians. However the only real solution is to allow big banks to fail and for corrupt politicians to be flushed out of the system. Only then will there be hope for the masses. Sadly I do not see the world going down this road; so much pain awaits the masses. The elites have their bunkers well stocked with champagne and caviar; they will do just fine, at least until they have the face the Judge in the Highest Court in the Universe on the Day of Judgment. I sure would not want to be in their shoes on that day!
___________________________________________________________Few large eurozone banks would be left standing and the banking sector could face a €370bn (£298bn) lossif the euro crisis results in the single currency bloc breaking apart, according to one of the first indepth analyses of what might happen if the eurozone disintegrates.
The analysis by Credit Suisse estimates that up to 58% of the value ofEurope's banks could be wiped out by the departure of the "peripheral" countries - Greece, Ireland, Italy, Portugal and Spain - from the eurozone.
Even if the single currency remains intact some €1.3tn of credit could be sucked out of the system as banks retrench to their home markets, unwinding years of financial integration, the Credit Suisse analysis warns. his represents as much as 10% of the credit in the financial system.
"We find that a Greek exit could be manageable ... but in a peripheral exit, few of the large listed eurozone banks would be left standing," the Credit Suisse report said.
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