CEOs call debt default 'utterly catastrophic'

By Marc Castro

Oct 12, 2013 10:22 PM EDT

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.'

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