[RayChuang88]

My guess is that all the major non-European banks around the world have been preparing for the collapse of European sovereign debt at least since the middle of 2010, when the crisis started to flare up in Greece and everyone figured that Portugal, Spain, Ireland, and Italy were almost as bad.

I would not be surprised that banks in the USA, Canada, the more prosperous parts of Latin America, and most of Asia (Japan, South Korea, China, Hong Kong, Singapore, India and even the financial institutions in the Middle East that run under Islamic law) may have quietly entered into special agreements to protect each other once the European collapse occurs.

In the end, the 21st Century will end up being the Century of the Pacific as once the economy recovers most trade will be done across the Pacific Rim.

[ken5050]

There are two separate issues with European debt.

One is the unwillingness to lend any more funds to the countries. .this they can't finance there ever increasign welfare state.

The other is the potential, and ever increasing unwillingness of ANY one bank...especially one in Asia, to roll-over an existing CD..

All it takes is just ONE bank..to say it wants its money..and the game's up..

[Former Proud Canadian]

You mention non-European bank preparation.

The best thing they can do to protect themselves is withdraw all lending to entities in the Eurozone. Sovereign, corporate, bank to bank, everything. Of course, that is what is happening, and its making the European situation even worse.