U.S. Banks Aren't Nearly Ready For Coming Crisis

06/25/2012 08:44 am ET | Updated Aug 25, 2012
  • Simon Johnson Bloomberg View
AP

The euro area faces a major economic crisis, most likely a series of rolling, country-specific problems involving some combination of failing banks and sovereigns that can't pay their debts in full.
This will culminate in systemwide stress, emergency liquidity loans from the European Central Bank and politicians from all the countries involved increasingly at one another's throats.

Read more on Bloomberg View