U.S. lenders probably need to suspend dividends and begin raising capital due to their exposure to Italy, writes Simon Johnson. Italy could be headed into a viscous cycle where austerity leads to worsening deficit/GDP numbers, leading to more austerity. Italy is too large to be bailed out. The end of moral hazard will be a new experience for banks.
U.S. lenders probably need to suspend dividends and begin raising capital due to their exposure...
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