BlackRock Inc. Vice Chairman Philipp Hildebrand issued a stern warning about the potential consequences of a US debt default during the Bloomberg New Economy Gateway Europe event near Dublin. He emphasized that such an event would threaten a fundamental anchor of the global financial system and must be avoided at all costs.
Hildebrand, a former president of the Swiss central bank, stressed the importance of preserving the sanctity of the sovereign signature of the leading currency, bond market, and economy. He urged all parties in the United States to understand the gravity of the situation and not to gamble with the stability of the global financial system.
In the interview, Hildebrand cautioned that a US debt default is not a matter to be trifled with. He expressed hope that the seriousness of the issue would be recognized, and appropriate actions taken to prevent any negative impact on the world economy.
