($EURUSD, $MACRO) Disorderly Greek Default May be Worse Than Lehman: F&C's Scott

European sovereign crisis “could
be an even worse crisis than Lehman Brothers, if managed
badly,” Ted Scott, director global strategy at F&C, says.
  * Disorderly default in Greece and the aftermath not priced
    in, Scott says in telephone interview
  * "Amount of outstanding debt is more than with Lehman and we
don’t know the amount of derivative exposure,’’ banks could
write down debt from Greece but not from other European
countries: Scott
  * "Orderly Greek default would be good for markets;’’ still
possible, becoming more and more difficult; market is trying to
grapple with how Greek default will happen : Scott
  * Contagion from a disorderly default in Greece would “spread
immediately to other vulnerable countries in euro zone” on
expectations they would have to default as well: Scott
  * If contagion spread and other countries were on brink of
default would need national governments, central banks to
guarantee liquidity, funding of the banks, would have to be
recapitalisations: Scott
  * Markets have discounted more bad news than was discounted in
2008, have not discounted a disorderly banking crisis as a
result of disruption in the euro zone: Scott
  * Don’t want to be too short of equities, may be a sharp
    bounce if there is a positive response as there was in 2008: Scott
  * Own investment grade corporate bonds, dividend paying
    equities such as GlaxoSmithKline, Scottish & Southern Energy, Vodafone:
Scott
  * Looking for safe-havens is very difficult; “gold vulnerable
    to a sizeable correction if things improve:’’ Scott-Bloomberg