“Make no mistake, there is the world of difference between tearing up bilateral and multilateral trade agreements, and, unwinding a monetary union as far reaching in scope as the EMU (economic and monetary union) project,” Deutsche Bank said in a note Tuesday.
“It is the difference between a benign global risk event and something that has the potential to go beyond a 'Lehman's moment'.”
The European Monetary Union would become a “nightmare”, the bank said.