Now We Return To The REAL Crisis In The World

Monday, August 1, 2011
By Paul Martin

Joe Weisenthal
BusinessInsider.com
Aug. 1, 2011

The vote to raise the debt ceiling isn’t a sure thing. But just for the moment, let’s assume it happens.
That means it’s time we returned to the real crisis in the world, and that’s Europe.
It was a little over a week ago that the EU held a big bailout party for Greece, unveiling a brand new and bigger bazooka, designed to restructure Greek debt, and prevent the ragin’ contagion from hitting Italy and Spain.
The optimism last for like a day. Since then, Italian stocks have marched lower (lead by financials) and yields, after initially plunging) are threatening to hit new highs (today, for now, Italy is having a fine day).
This is extremely ominous. And while the US situation can be resolved by a single (highly political) vote, Europe is a real, genuine economic crisis, with countries teetering on the bring that really may be too big to save.

The Rest…HERE

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