The first results of lack of EU action could be a massive deleveraging of banks and a rapid drop in credit concessions, which could be reduced by 18%.
In the worst-case scenario, Spain could witness a 3.2% GDP drop in 2013. Apart from that, the country's risk premium would rise to 750 points, considerably increasing unemployment levels and drastically reducing investments.
José Viñals, IMF's Financial Counselor, said during a press conference that the situation in the Eurozone is the main risk for global financial stability. Viñals called for a quick implementation of the agreements reached during the latest EU summits, including the launching of the new banking supervision organism.