This doesn't sound too good. Europe is far from being done with their own debt crisis. Greece, Italy, Spain. Banks are moving money around and cutting credit lines.
''Some of Europe's biggest banks are taking steps to shore up their defenses should the debt crisis spiral out of control and one or more countries leave the euro zone, a sign of the financial sector's increasing worries over the continent's plight.
Some banks recently have been reining in some cross-border lending to companies in countries like Spain and Italy, bank officials say. Others are parking more money with the European Central Bank, according to ECB data. Banks also are increasing their use of credit-default swaps as protection against their holdings of sovereign debt from shaky countries.
There are signs that some depositors, such as the U.S. money-market funds that represent a key source of funds for many European banks, are growing increasingly jittery."
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Better check your money market fund for exposure to Europe.
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Republicans are red, democrats are blue, neither of them, gives a flip about you.
Some of the European countries have made huge changes to bring their debt under control like Ireland, but the other PIIGS are still pretty suspect, and excepting Ireland again, they all have records of defaulting before and creating massive inflation to pay down debt.
Thomas Sowell: There are no solutions, just trade-offs.
"WASHINGTON (MarketWatch) — Italy is wobbling. Spain is facing a fresh crisis. Even France doesn’t look like it is a secure member of the euro zone anymore. The storms swirling around Europe’s beleaguered single currency are growing by the day as the crisis moves in from the periphery into what can only be regarded as core Europe."
"Europe will soon start printing money on a massive scale — far larger than even the U.S. Federal Reserve’s exercises in quantitative easing. That is the only move that can save the euro. And when it happens, it will spark another rally in global commodity and asset prices. "
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
