Tags: Sky | Fall | Europe

UK Bank Chairman: 'The Sky Will Fall' in Europe

Wednesday, 23 Nov 2011 09:01 AM

The United States and Europe are battling debt issues but the U.S. is going to work it out while in Europe, the sky is going to come crashing down, says Anthony Fry, UK Chairman of Espirito Santo Investment Bank.

In the U.S., a congressional supercommittee failed in its task to shave $1.2 trillion from the country's deficits.

That was no surprise, Fry says.
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"We are within 12 months of a U.S. presidential election and there's a lot of politics going on and the combination of high politics and economic crisis is a potentially toxic one," Fry tells CNBC.

eurosign200.jpg
(Getty Images photo)
"There is no doubt that the U.S. economy remains the most powerful engine for growth, certainly in the Western world and I would argue, given the totality of the opportunity it has… the world generally," Fry says.

In Europe things are much worse as leaders continue to grapple with ways to prevent southern European countries from defaulting and bringing down the eurozone.

"This is the longest running crisis in which people have been giving false dates, people turning up for summits saying it has to be resolved, nothing happens and people go away and the sky doesn't fall in… sooner or later the sky will fall in, I'm just not clever enough to know when it's going to be."

Some high-profile experts say Europe may be reaching the tipping point and is doomed for a new recession.

"There's a significant likelihood that Europe will be facing a recession, there are already signs of economic downturn," Nobel economist Joseph Stiglitz tells Bloomberg Television.


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The United States and Europe are battling debt issues but the U.S. is going to work it out while in Europe, the sky is going to come crashing down, says Anthony Fry, UK Chairman of Espirito Santo Investment Bank. In the U.S., a congressional supercommittee failed in its...
Sky,Fall,Europe
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2011-01-23
Wednesday, 23 Nov 2011 09:01 AM
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