Date:13/10/11
The European debt and banking crises risk turning into a credit freeze if leaders don't take decisive action, the chairman of L.M. Ericsson Telephone Co., Leif Johansson, said Wednesday.
Johansson said there are "considerable downside risks" of a credit freeze. "Those of us around in 2008 to 2009 saw how quickly liquidity froze up," he said at an event organized by the European Round Table of Industrialists, a business lobby group.
A liquidity freeze will drive markets down. I don't think it will happen like before but the risk is there."
Johansson heads the business lobby group. The Ericsson chairman said the ability of regional policy makers to get a grip on the crises in coming weeks will be key as to whether the European economy falls back into recession.
"I wouldn't say there is a recessionary smell in the air," he said."But we really have to see something happen.
Ericsson chairman sees risk of credit freeze in Europe
The European debt and banking crises risk turning into a credit freeze if leaders don't take decisive action, the chairman of L.M. Ericsson Telephone Co., Leif Johansson, said Wednesday.Johansson said there are "considerable downside risks" of a credit freeze. "Those of us around in 2008 to 2009 saw how quickly liquidity froze up," he said at an event organized by the European Round Table of Industrialists, a business lobby group.
A liquidity freeze will drive markets down. I don't think it will happen like before but the risk is there."
Johansson heads the business lobby group. The Ericsson chairman said the ability of regional policy makers to get a grip on the crises in coming weeks will be key as to whether the European economy falls back into recession.
"I wouldn't say there is a recessionary smell in the air," he said."But we really have to see something happen.
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