Credit Suisse: U.S. defaults will lead to economic contraction of 5%

Credit Suisse released a report is expected, if the U.S. debt default, the U.S. economy will shrink more than 5%, and New York stock market will fall 30%.

Report that, for now, the United States there is little possibility of debt default, but the worst happens, will the U.S. economy and financial markets devastating blow to the U.S. gross domestic product is expected to shrink at least 5%, and New York stock market after six months to a year will fall 30%.

The report predicts that even if the U.S. debt ceiling to be raised eventually, the U.S. lost the chance 3A credit rating is still as high as 50%, but only the lower rating on the economy and the market was limited.

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