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U.S. default may trigger severe consequences for the global economy

October 14, 2013, 10:25 UTC+3

Bank of France Governor: long-term federal government shutdown will further hit American economy

1 pages in this article
 AP Photo/Jose Luis Magana

AP Photo/Jose Luis Magana

PARIS, October 14. (Itar-Tass) – The U.S. debt default may send shockwaves through the global economy, according to Christian Noyer, Governor of the Bank of France.

In his interview to the Figaro newspaper, he said: “If the situation with the U.S. national debt deteriorates, it will indeed be akin to a lightning strike going through financial market, as the IMF already admitted. This will cause strong and deep shocks on a global scale.”

Regarding long-term shutdown of the U.S. federal government due to the budget crisis, Noyer said that it will lead to “decreased faith and to change in behavior of both consumers and commercial managers, which, in turn, will become a major factor in the U.S. economic recession.” 

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