Banks wait in Europe's emergency room

Banks around the globe are preparing for the European infection that will sweep lending markets if Angela Merkel decides to turn off the euro's life support.

Despite last night’s fall, markets still don’t really believe that when it comes to the crunch Angela Merkel will pull the plug on the euro – the consequent German banking losses are too great.

But if she does pull the plug – and, for what it is worth, I think there is a good chance she will – then everyone needs to understand that we face a major world banking crisis.

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