Banks getting ready for ‘economic nuclear winter’ — RT Business
Weak corporate earnings, a banking crisis, and the Brexit vote are forcing banks to prepare for the worst case scenario in the second half of the year. According to CNBC quoting a major lender, banks are “preparing for an economic nuclear winter situation.”
“This could mean triggering Article 50, a referendum in other European nations leading to a break-up of the euro or sterling hitting below $1.20 or lower. The banks are ready for anything now,” the source in the bank told the broadcaster.After the United Kingdom voted to leave the European Union in June, there have been talks a similar referendum may be held in France, the Netherlands and other countries.”Markets hate uncertainty and the events this year have unfortunately created a lot of mystery around what is going to happen next,” the source added.