CEOs call debt default 'utterly catastrophic'

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JPMorgan CEO Jamie Dimon had joined calls of other business leaders on the consequences of a debt default. He was quoted as saying lawmakers shouldn't risk a default on US debt because the impact would be 'devastating' with full damage unpredictable from the outset.

He as joined by the co-CEO of Deutsche Bank Anshu Jain. Dimon said during a panel discussion at a Washington finance industry conference, "The United States cannot default and in my opinion will not default. It would ripple through the global economy in a way you couldn't possibly understand."

He added, "Please let's not shoot ourselves in the foot." He was referring to the economic ganins made and a default would definitely reverse the whole recovery program. As for Jain,he said the prospect of even a small default would be 'utterly catastrophic.'

Both heads agree there is no life beyond default ad would be 'a rapidly spreading fatal disease.'

Tags
CEO, Jamie Dimon, Deutsche Bank, JP Morgan, Debt ceiling

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