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Scenario analysis: ING believes that a fully-fledged disintegration of the euro zone would cause the worst economic crisis in modern history and could devastate every country in Europe.

ING isn’t necessarily predicting this, however scenario analysis is a big component of risk management. We insure against home fires, which have a 1-3% probability over 10 years, because we know the scenario would be devastating. What’s the probability that the EU experiences economic stress over the next 10 years? Why not insure against that risk!?!