Leave it up to the EU to possibly threaten the already shaky US financials with their sovereign banks’ “junk debt.” If the European debt crisis was an isolated venture then it would not phase our weakened system, yet bank are like the Three Muskateers in that they adhere to the mantra of “All for One and One for All.” The problem is this banking contagion has the ability spread to American banks quite quickly, threatening to unravel our already weakened system
This Week is Key
This week Angela Merkel and Nicolas Sarkozy are meeting to figure out to best salvage sovereign debt issues of the EU. Let me be clear, the biggest issue is that the EU is tied together so countries like Greece and Spain can pull down financially healthy countries like Germany and France. Decisions this week between these two leaders will have a spill over effect into the rest of the world.
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