Be afraid! The scariest quotes about the debt crisis - KYTX CBS 19 Tyler Longview News Weather Sports

Be afraid! The scariest quotes about the debt crisis

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Courtesy ABC News

Leaders of the world's foremost financial institutions gathered this weekend in Washington, D.C., to discuss the looming debt crisis. While most of the finance ministers, CEO's and economists believe U.S. politicians will get their act together in time to avoid a default, they spared no words in warning about the risks involved if they don't.

"As you get closer to it, the panic will set in and something will happen… It would ripple through the global economy in a way you couldn't possibly understand."

--Jamie Dimon, JP Morgan Chase, chairman

"It would be utterly catastrophic… This would be a very rapidly spreading, fatal disease."

--Anshu Jain, Deutsche Bank, co-CEO

"The consequences of it would be absolutely disastrous."

-- Baudouin Prot, BNP Paribas SA, chairman

"If there is that degree of disruption, that lack of certainty, that lack of trust in the U.S. signature, it would mean massive disruption the world over, and we would be at risk of tipping yet again into a recession."

--Christine Legarde, IMF, managing director

"A default of the United States is actually unthinkable. The consequences are hard to calculate."

--Wolfgang Schäuble, Germany, finance minister

"The effects of any failure to repay the debt would be felt right away, leading to potentially major disruptions in financial markets."

--Olivier Blanchar, IMF, chief economist

"The U.S. must be fully aware that if [default] happens, the U.S. would fall into fiscal crisis."

--Taro Aso, Japan, finance minister

Read on ABC News

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