Seems like the Europeans are now starting to wake up to the harsh realities. The pressure they're feeling is causing them to pass on the pressure where they can:
Janus "two-faced" Merkel is saying that Germany is ready to cede some sovereignty to the EU. Germans are not going to like this. She is also saying the the ECB doesn't have the possibility of solving the euro problem. What?! What happened to the "grand plan?" Oh that.... There IS no plan. Surprise, surprise.
So, as you might expect, countries might get "pushed" out of the euro.
Italy's biggest bank, Unicredit, is seeking broader ECB rules. Who said there wasn't going to be another Lehman in Europe? There are definitely failure concerns.
France's second-largest bank, Société Générale SA, plans to cut "several hundred" jobs in 2012.
Forget deflation, WTI crude oil hit 102 today. More pressure on the global economy.
George Karatzaferis, head of the LAOS party, and Antonis Samaras, head of the New Democracy conservatives, have both refused to sign pledges to implement harsh austerity measures. Refusing to put signatures in writing is putting the Greek bailout at risk. Seems like a pretty expensive risk, two signatures for 8 billion euros.
European leaders are playing with fire, and Rome, nay, the world, will burn...
Fitch in the last hour of trading says that the credit outlook U.S. Banks could worsen if the European crisis is not resolved in a timely and orderly manner. Dow plunged 190 points to close at 11905.97 at the close. S&P down 20.29 to close at 1236.92. Euro went down .51% to 1.347. If the selling continues, tomorrow could be UGLY!
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