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For more on all of this and member of the JPMorgan loss it would -- is talking about an endless detail for you came out of Europe let's go there now.
With the London market was down four tenths of 1% or is at this -- young Randolph is director sovereign risk and I just global -- he joins us now.
Obviously JPMorgan and start talking about the management.
Risk but what's your reaction what you heard about this and and what do you think it -- big picture if anything.
What is it that is JPMorgan.
Whether it will affect the rest the banking systems.
Is on and people -- not -- news I think the these be the stronger risk aversion is still relate to be the stories out of it to do -- banks in Greece and Spain.
And the Greek crisis coming but with a vengeance and unable to cobble together a government study not -- not want to stick with Thursday.
It out it's almost like for today and the United States this always happens when a story especially with somebody like as the JGB -- it is so well known -- involved it.
It takes the other stories that we've been talking about throughout the week off the front page but you're saying now and now we need to be focused much more on Greece and Spain and not worried necessarily about the individual banks because here people are asking what if JPMorgan as these kind of problems of under what some of the other banks are up to.
Yeah I'm sorry the banking problems it in Spain are just as big and I have a potential.
To provide contagion.
For the banking system and undermine in -- growth prospects that we eat healthy banks we need -- -- willing and able to lend.
Otherwise we don't have the fuel to generate recovery and that's true in the states that both the truth particularly in Spain.
The Spanish government and the central front on now.
Getting to grips of the problem that identifying the bad the bad apple bank yeah that trying to trying to put it back on troop ultra from the ground.
Are you worried then -- about some sort of a worst case scenario -- it in a -- or somewhere else and if so what is that scenario that you think.
-- I think the -- did the important one is is Greece Greece crisis come out with a vengeance.
It is the Achilles heel for Anglo -- she tries to.
-- in all these governments to adopt austerity.
But you know she's got -- gonna meet resistance from the new French president but we haven't got a government integrates.
They're Greece is basically cut out and doesn't want to do austerity despite having one thought of that -- -- On the private side -- I want to -- that.
So what happens then they'll be kicked out eventually run and there will be -- no well listen.
This is where it is is -- gets interest thing you know well well in front of the -- kind of drama.
It will be the Germans are insisting there is no time of -- authority.
At the moment you've got German taxpayers paying Greek pensions but situation called continue -- Greece is gonna get its stand on its own feet when it comes to financing itself on its services.
About what this -- is baffle.
But it -- the end of the day.
-- Beating your hands could come halt the financing in which case the economy collapses onto -- cash basis.
Not mean you can -- pay.
What you get a didn't there's no credit line and you know.
-- -- have the Euro but unemployment sergeants from twenty to thirty but twenty to 30%.
Now fun and games with JPMorgan added on top of all of that John Randolph fund with us today from over in London.
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