June 20, 2011
Greece's debt crisis may be contagious and poses one of the biggest risks to global financial markets alongside Middle East uprisings, Citigroup's Chief Risk Officer told Reuters.
Greece, on the verge of a debt default following Portuguese and Irish bailouts, is being pressured by European finance ministers to introduce harsh austerity measures before they agree to 12 billion euros ($17 billion) in emergency loans.
"In Europe, you have to think about whether there will be contagion beyond (Greece)," Brian Leach, told Reuters Insider Television in an interview on the sidelines of the International Economic Forum in St Petersburg.
"I think it will be tough to constrain (the debt crisis) to Greece, (but) other countries have made remarkable progress," he added.
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