The news these days is about the major weakness of the EURO currency in an ever weakening position, week after week. This is mainly in part to the following frightening factors :
a) Greek bailout from bankruptcy to the tune of EUR 110 billion
b) Spain on the verge of bankruptcy to almost twice that
c) Portugal also teetering on the same path
d) Ireland barely surviving
e) Iceland bankrupt now having to depend on IMF loans to get back
Added to that the 2 eruptions of late by the unstable Icelandinc volcano, Eljafallakul, which has made many European airlines bleed red ink, tourists and travellers stranded,the Dow Jones falling 1,000 points in a single day last week, very shaky recovery by the largest economy in the EU, Germany, and you have the Year of Living Dangerously.
Europe was touted as the stable region, in the wake of the toxic asset housing crash, however, time has proven that this region is now the catalyst for a double dip economic recession. Interest rates are next to 0% in Europe, riots have taken place in Greece due to the very tough austerity measures leaving people feeling very uncertain about the future.
Is this the start of the European Crisis of 2010 ? I am betting so.
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