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Mayer is necessary to prevent the state bankrupt in the euro area – media

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2010-03-07_deutsche bank gebäude_ddp COLOGNE (Dow Jones) – A bankruptcy Greece would have the opinion of the Chief Economist of Deutsche Bank, Thomas Mayer, a severe impact on the euro zone as well as the  Commercial banks. (Photo: ddp)

Mayer said aloud ddp On Saturday in Germany by radio, in the event of insolvency of Greece would enter a situation similar to the time when the bankruptcy of the U.S. bank Lehman Brothers. Then the banks would need to survive and fight the government to step in with capital.
According to Mayer’s add up the outstanding loans for Greece to around 45 billion euros. This was not "irrelevant". A Greece’s failure to pay, however, implies above all a "Contagion" to other countries in the euro zone, also with big budget problems would be brought together as Portugel, Italy and Spain. Here are totaled, the outstanding debts of more than 520 Billion. Mayer said that if there would be depreciation requirements, "we would have a real problem. "

The chief economist advocated for the establishment of a European Monetary Fund, to a possible bankruptcy in the state Handle euro area controlled. Monetary union has as yet not have such an institute for crisis management and have so far "a defect". Mayer said the euro currency union is a Common destiny. Everything possible must be done to create a To avoid state bankruptcy in the euro area. Nevertheless, one must be for such a case arm. An uncontrolled bankruptcy would be "very expensive ".

Website: www.dradio.de
DJG / cbr / sh