In a long article, the former president of the Budapest stock exchange and current Global Head of Global Securities Services at Unicredit, Attila Szalay-Berzeviczy, predicted that a Greek default is mere days away and that the Euro is dead and cannot be saved.
The article, which went viral after Zerohedge tweeted it, was posted on Index.hu and was very apocalyptic in its portrayal saying that 'The Euro is beyond rescue' and that 'The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece's spirits'.
He said in the article that when Greece defaults it would set off a Europe-wide Richter magnitude ten earthquake and those holding Greek government bonds would have to write the whole lot off. He also predicted that state workers would not be paid and that cash-points would empty within minutes.
This would lead, he wrote, to a run on the weaker banks as it spread across the rest of Europe. "The panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area."
Unicredit in a statement said that these were his own personal views and nothing to do with the company. Claudia Bresgen, head of media relations for corporate and investment banking at Unicredit said "The comments by Szalay-Berzeviczy are his own personal views and do not reflect the positions of the company".
As the Wall Street Journal points out Szalay-Berzeviczy is part of a back office operation at Unicredit, not a money placer or trader.
Bloomberg Businessweek  quotes him as saying in a telephone interview that this was just a 'worst case scenario'. "This can still be averted." He said "It primarily depends on the Germans, and secondly on European citizens, especially on how much the Greek population can tolerate."