Alan Greenspan...will likely add flesh to the bones of the FOMC statement. We believe there can be little doubt that Greenspan's testimony will be hawkish, .

There is a danger that the stronger euro will snuff out the data, ... But at this point in time I would be very surprised if anyone is thinking about a rate cut, and instead they will be thinking about what is the timing of the first rise.

We cannot begin to quantify the potential damage in terms of gross domestic product, but a realistic scenario might be GDP declines in the tens of percent, ... In the case of slower growing economies such as Europe or Japan, a decade's economic growth could be wiped out.

Substantial loss of life would obviously lead to a decline in economic output but we believe fear of infection, leading to drastically altered behavior, would result in the greatest economic damage.

Somebody should wave these numbers under Mervyn King's eyes.

This change is unlikely to hit anyone immediately, but Greece is more clearly in the crosshairs than any other countries.