Published October 08, 2013
SAO PAULO – A political impasse between Republicans and Democrats that led to a U.S. government shutdown in recent days could have devastating consequences for the global economy if it translates into a debt default, the head of JPMorgan Chase & Co's Brazilian unit said on Tuesday.
The impasse is probably going to be resolved at the very last minute, Jose Berenguer, JPMorgan's senior country officer in Brazil, said at an event sponsored by Brazil's banking lobby group Febraban.
If the United States defaulted, it would be just a for very short time, he added.
(Reporting by Gillermo Parra-Bernal Editing by W Simon)