“The Whole Thing Is Doomed”, Says Eurobank CEO.

Yikes. Lars Christensen, CEO of Denmark’s Saxo Bank, gave this candid appraisal of his opinion on the financial crisis facing the European Union in an interview with Bloomberg:

The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all… I’d be a seller of the euro at anything near 1.4.

“Another possible fallout is getting rid of some of the countries that are being ruined by being in the euro, notably the southern European economies,” Christensen said. “People have been dramatically underestimating the problems the French are going to get from this. Once the French get into a full- scale crisis, it’s over. Even the Germans cannot pay for that one and probably will not.

This contrasts starkly with the public statements of Mario Draghi, President of the European Central Bank, who has predicted a “growth renaissance” for European economic growth later this year. Furthermore, European Parliament has touted itself as “making progress” towards a sound budgetary plan, and supposedly the light at the end of the fiscal tunnel.

Christensen is not satisfied with Draghi and EuroParliament’s claims:

It’s the political world that has been extremely supportive of the euro, not for economic reasons but for political reasons.

A less than optimistic forecast, you might say.

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