Grim economic reports are coming in as Banks are allegedly preparing for the worst in the second half of the year as it faces an ‘economic nuclear winter’, a major investment bank expert has warned. A series of political shocks – including Britain’s vote to leave the EU – have led to fears the entire Union could crumble, the currency could collapse and economic nightmares could become a reality.
Now it has been revealed this kind of “economic nuclear winter situation” is being prepared for by major banks. Weak corporate earnings, a banking crisis, and the Brexit vote have sparked disaster planning for the worst case scenarios in the second half of the year. A major lender told CNBC: “This could mean triggering Article 50, a referendum in other European nations leading to a break-up of the euro or sterling hitting below $1.20 or lower. READ MORE