European Debt Crisis Rattles Global Financial Markets
The trillion dollar Eurozone rescue package may have been as recent as almost yesterday, but it is already being forgotten and discarded by investors across the globe, as equity markets tank and financial volatility indexes embark on a steep ascent. It is quite clear that what began as a Greek debt crisis has now morphed into a full-fury European debt crisis.
We are in a most precarious phase of the ongoing global economic crisis. It is inevitable that the European debt crisis will spread to the United States, ushering in a dangerous global sovereign debt crisis. Despite the reassuring words of politicians throughout Europe, including Angela Merkel and Nicolas Sarkozy, as well as their counterparts in the U.S.A., this is a train wreck that cannot be prevented, and will transform a financial crisis and severe recession into a synchronized global depression.
