The IIF predicted losses exceeding $1T in the event of a messy Greek default and euro exit,...

|By:, SA News Editor

The IIF predicted losses exceeding $1T in the event of a messy Greek default and euro exit, according to a leaked report which made the rounds of finmins, bankers, and other honchos a couple of weeks ago. Mohamed El-Erian's contention that Greece had been "sacrificed" to build a firewall around the rest of Europe sounds about right.