"Eric Chaney, former French Treasury official and former Chief European Economist at Morgan Stanley is the present Chief Economist at AXA. He tells Bloomberg television’s Maryam Nemazee that the banking crisis in Europe is also a credit crunch. Non-financial businesses are trying to ensure liquidity. So they have cut production to accumulate the cash they cannot get through credit channels.
This, Chaney says, means recession in Europe. I agree. Then, is it the IMF to the Rescue? I doubt it. For his, part Chaney says we should not expect too much from the upcoming G-20 meeting. Forget about the BRICs riding to the rescue and taking credit risk just to help Europe. The bank issue comes first..."
at http://www.creditwritedowns.com/2011/10/chaney-eurotarp-europe-recession.html
This, Chaney says, means recession in Europe. I agree. Then, is it the IMF to the Rescue? I doubt it. For his, part Chaney says we should not expect too much from the upcoming G-20 meeting. Forget about the BRICs riding to the rescue and taking credit risk just to help Europe. The bank issue comes first..."
at http://www.creditwritedowns.com/2011/10/chaney-eurotarp-europe-recession.html
