Société Générale: Euro Headed For Collapse

Feb 15, 2010 by

What a headline to wake up to.  When one of the oldest banks in the world, and one that we as taxpayers helped bailout using AIG funds makes these types of statements, you better listen up.

Collapse of the euro is ‘inevitable’: Bailing out the Greek economy futile, says FRENCH banking chief

The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide ‘sticking plasters’ to cover the deep- seated flaws in the eurozone bloc.

The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a ‘double-dip’ recession in the embattled zone.

Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France – a core founder-member.

In a note to investors, SocGen strategist Albert Edwards said: ‘My own view is that there is little “help” that can be offered by the other eurozone nations other than temporary, confidence-giving “sticking plasters” before the ultimate denouement: the break-up of the eurozone.’

In a note to investors, SocGen strategist Albert Edwards said: ‘My own view is that there is little “help” that can be offered by the other eurozone nations other than temporary, confidence-giving “sticking plasters” before the ultimate denouement: the break-up of the eurozone.’

He added: ‘Any “help” given to Greece merely delays the inevitable break-up of the eurozone.’

3 Comments

  1. no-nonsence-nancy

    California Patriot, thanks for that video. It is long but excellent! I forwarded it to a lot of people.

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