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Financial expert Martin Weiss also sees serious trouble coming. On October 10, he issued seven major advance warnings.
Months before 2008's financial storm, he warned of failures hitting Bear Stearns, Lehman Bros., Citigroup, Washington Mutual, and Fannie Mae "four years before it collapsed."
His new calls are some of his "most important in 40 years." They mostly affect Europe, but will impact global economies.
1. Insolvent Greece will soon default. European, US and other global banks hold billions of its toxic assets. Whether or not they'll accept a major haircut makes no difference. Greece is dead.
2. Fear contagion will spread because Greece has "over 328 billion euros" in toxic debt, "more than Ireland and Portugal combined." Moreover, other Eurozone countries are also troubled. Once one collapses, expect others to follow.
3. "European megabanks will collapse" under the weight of billions of dollars in toxic debt defaults combined with "mass withdrawals" as investors run for the exits.
"Spain's banks are especially vulnerable, swimming in a cesspool of bad mortgages" caused by the country's imploding housing bubble.
So are larger French banks, including BNP Paribas with $2.7 trillion in assets, Credit Agricole with $2.1 trillion, and Societe Generale with $1.5 trillion.
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