Watch Greece saying : we can't pay debts. Game over. The whole European banking system is a toast. At least in USA there is no socialism for the masses. In Europe there is. Its all going down man. Swiss banks could capture massive amounts of money which will be taken out of german, french, spanish banks. But they've chosen to sink on the same boat. Bravo!
Comrades, lets vote for just another same politicians. Don't forget to keep the silence on 9/11 and thank the gov. for protecting us from evil terrorists. Something useful: EURUSD short could be logical. Unless you believe the Sarkozy Merkel and Obama will save the economy from harm and stop these crazy volatile markets!
the citizens of western nations will have to cut back on their lifestyles. I think things will slowly transform a lot of first world nations into second world nations. This will perhaps be something like Argentina over the past 50 years or so.
can you imagine western women cut back on lifestyle or spending? no f... way. MTV and tv commercials tell them they should live like princesses.
Keep this in mind however, the EU economy is the largest in the world. (Germany is the biggest exporter in the world.) The debt of the PIGS doesn't amount to much compared to the mess created by Wall Street and the Bush Cheney administration, relative to the US economy. The ECB will deal with it. Keep a proper prospective.
Correct about the Germany. However, Please see this from the perspective that PIIGS countries are among the most lazy in the world. And even more lazy comparing to their consumption. They are sucking a lot of money generated by germans and french. besides, how much of these exports are to other european sick economies?
numbers please for sentences 1 and 2 above. also note that it is not just the debts of the pigs but the rest of the eurozone inc. france which are in doubt.