Forget Cyprus, Italy Is Where The Drama Will Be - Goldman's O'Neill
Quote of the day:
"It's hard for me to believe that any country will leave the eurozone even a small Cyprus. How then any investor will believe that the rest will definitely stay. My best guess is that despite the cost, Cyprus will stay but I see the reasons why they want to pull out. But if they were to leave so how people will believe that Greece or more importantly Italy will stay. The most interesting story going on in the whole thing is the Grillo factor in Italy. I don't understand how some of the these tough guys in the North are not thinking about that issue. Italy is the third largest country in the eurozone and if they don't start to have some growth sometime soon, these guys are going to ask questions more seriously about the benefits of staying in the euro...What is the EU doing to deal with that? The EU seems to get its decisions made for it by powerful voices in certain countries particularly Germany."
Jim O'Neill, chairman of Goldman Sachs Asset Management (Source: Bloomberg TV)