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

ICAP Plc (IAP) 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.”

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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