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The Next Round In The Eurozone Crisis

August 13th, 2012

Amid the celebratory exertions emanating from London during the 2012 Olympics, one might think that the Eurozone debt crisis has been “resolved.” Far from it. A minor excursion may have occurred, at least for the public at large. With the Olympics now over, the politicians in debt-ravaged Europe will  again focus on the dire circumstances surrounding their fraying monetary union.

All the latest economic data from Europe reveals  a growing recession afflicting many Eurozone economies, record levels of unemployment in the PIIGS nations most burdened by unsustainable sovereign debt and increasingly panicked calls for the European Central bank to print money  and use the magically created liquidity to purchase sovereign bonds.

Europe and it creditors, in particular major banks in Germany and  France, are just one major crisis away from a full-grown financial crisis. If the nuclear issue with Iran becomes  an armed conflict, that might be the final nail in the coffin of the euro.  The situation for the Eurozone is most fragile economically and financially, and not much better in the U.K., China or the United States.



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