Saudi Arabia, EU, European Union, Standard & Poor's, Saudi economy, United States | alifarabia

Saudi Arabia is not immune to the debt crisis in the European Union.

“A default that involved Spain and Italy would almost certainly lead to a seizing up of eurozone — and quite possibly global — interbank markets,” says Saudi-based Samba bank.

“Even if the financial shock was confined to the zone itself, European demand for raw materials and manufactured products (mainly from emerging markets) and services (mainly from North America) would shrink dramatically and this would be enough to imperil the global economic recovery.”

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