Bloomberg News

ICAP CEO Spencer Not a ‘Super Pessimist’ on European Debt Crisis

December 07, 2011

Dec. 7 (Bloomberg) -- ICAP Plc Chief Executive Officer Michael Spencer comments on efforts to curb the euro debt crisis and Greece. Spencer spoke in an interview at ICAP during a charity fund-raising event in his London offices.

On efforts to control the region’s debt crisis and whether Greece should leave the euro region:

“I’m not a member of the super-pessimist club. I think there is the will and the capacity for them to reach a sufficient agreement where the euro will hold together. I don’t believe the euro will fall apart. We need this for the economy, not only for the U.K., but globally.”

“Personally, I think it would be in Greece’s own interest to leave the euro. It’s my personal opinion, and I appreciate there are those who disagree with that, but I think they face a long, long recession if they remain within the euro, whereas if they leave the euro there would admittedly be a very painful adjustment, but it would be short and it would be sharp.”

On European Union plans for a financial-transaction tax:

“The financial-transaction tax is a deeply bad economic idea by the way. Certainly, the City of London would be decimated by the financial-transaction tax and there is no question of whether the U.K. should have anything to do with it at all. I am against it.”

--Editors: Steve Bailey, Stephen Taylor

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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