Treasury: US default could be catastrophic

GMT 15:04 2013 Thursday ,03 October

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Arab Today

A US default on its obligations forced by Congress not raising the country's borrowing ceiling would have catastrophic effects, the Treasury warned Thursday. "Credit markets could freeze, the value of the dollar could plummet, US interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse," the Treasury said in a report.

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