Europe is waiting for a wave of defaults on consumer loans

Europe is waiting for a wave of defaults on consumer loans associated with financial losses, credit card holders in the United States, due to which U.S. banks have suffered billions of dollars in losses, writes today's newspaper RBC Daily. Experts do not rule out the pessimistic prediction that the losses by banks on credit cards to the European average will exceed 7%. According to International Monetary Fund (IMF), approximately 14% of U.S. consumer debt, amounting to 1.914 trillion dollars, will not be returned. The IMF predicts that Europe will lose 7% of total consumer debts amounting to 2.467 trillion dollars, and the most powerful blow will be the UK, which is the largest country in the region of borrowers with credit cards: credit cards where the indices of rating agency Moody "s show that the level of losses has increased from 6,4% of loans in May 2008 to 9.37% in May 2009. A British hotline for debtors National Debtline said that in May, took 41 thousand calls from consumers concerned about their outstanding debt on loans, credit cards and mortgages, compared with 20 thousand phone calls in May 2008. Judging by the statements of the service, even while no signs of reducing the number of requests. Experts point out that the United Kingdom, and other major European economies (although to a lesser extent) suffer primarily because of U.S. concerns. In the U.S., banks such as Citigroup, Bank of America, JP Morgan Chase and Wells Fargo, as well as credit card issuers such as American Express, have suffered losses in the billions of dollars in their portfolios of credit card and warned that they expect the new losses. "The concerns and fears of Europeans are quite understandable and justified, - the expert of the London School of Economics, Philip White." - "Bad" loans - a serious problem not only for banks. Instance, mortgage problems are already forced to take power in an unprecedented write-offs, which resulted a huge budget deficit. Therefore, U.S. banks going bankrupt, and dragging after him the rest of the world, and Europe is no exception. " Now the U.S. unemployment rate was the highest since 1983, reaching 9.4%, and, as predicted by the American Bankers Association, at the end of the year will be 10%, and early next year will pass this mark. "The only measures that could somehow have a positive impact on the current conjuncture - are measures to protect the common man, because the problem of non-payment primarily in the fact that people generally either jobless or have fallen under the substantial reduction in wages - the analyst Friedman Billings Ramsey Gary Townsend. - With regard to exactly what Great Britain was the most affected country in Europe, the case here in the affections of the economy of the United Kingdom to the United States. London depends on Washington's far more than Germany. "