DEUTSCHE BANK — Here's The Worst-Case Scenario For The Russia-Ukraine Conflict

"Core issues in the Ukraine crisis remain unresolved," said Deustche Bank analysts Raj Hindocha and Marcos Arana in a presentation before the MH17 incident. "[T]he risk of escalation into a wider regional military conflict can't be ruled out." 

Hindocha and Arana included this slide laying out three scenarios for the region.

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