We follow Europe, China and the US very closely among others because we feel that the next leg down in the economy could easily be sparked by one of these countries. See our previous post on the “Wall of Worry” top 10 scary list of things that could cause the global economies to collapse. Ambrose Evans-Pritchard of the Telegraph writes another great article on the continuing saga that
is Greece. (Photo: AFP, Getty Images)
Greece’s debt crisis has reached a dramatic crescendo after the EU revealed that the country’s debt and deficit figures are even worse than feared and leading banks began to talk openly of debt-restructuring… “This is now a real test of EU leadership,” said Julian Callow, of Barclays Capital. “Europe needs to act very fast to ring-fence Greece to prevent contagion. There has never been a default in Western Europe since World War Two and the whole financial system is depending on the assumption that it cannot be allowed to happen.
– Ambrose Evans-Pritchard, Telegraph
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