Swiss Reinsurance Co., the world’s second-biggest reinsurer, said the economic recovery may be “derailed” by a deterioration in Europe’s debt crisis.
“There are still concerns as to whether Greece and Ireland can cope with the problems they face,” Kurt Karl, Swiss Re’s chief U.S. economist, said in an e-mailed statement today. “Instability continues in several important real estate markets including the U.S., Ireland and Spain.”
That instability has the potential to “stress” the banking industry, according to the Zurich-based reinsurer, which is presenting its global economic outlook today.
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With Swiss Re’s predictions, comes a stark warning as well (of course). The Euro Debt crisis is such a wildcard it’ll be the number one warning on every prediction and forecast for every sector. With the stakes so high it’s a massive cloud over the economy and what havoc it could wreak. The question is when will it end with the Euro’s destruction? Could be anytime seems to be the general consenus.
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