Now that the Greek crisis seems to have been warded off and Portugal and Spain are more or less covered by a European rescue mechanism, it would seem that Europe can be relieved again. But is that really so? The Greek crisis has led to new agreements over increased European monitoring of national budgets and a guarantees-and-bonds system of more than €750 billion in value. But Europe drags with it a weakened banking system. What used to be a South American and Asian disease now threatens the Continent.
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