IMF says Europe presents main threat to global recovery.. [View All]

[DCBob]

from Wash Post..

Europe's weakened economy is now the central threat to global recovery, as its countries struggle with heavy debt, banks face a reckoning over their lack of capital and growth is slowing, the International Monetary Fund said Wednesday in its first assessment of the world economy since a crisis over government borrowing in Greece.

While the agency estimated that growth in the United States and emerging Asian and Latin American countries remains on track, it scaled back projections for Europe and outlined a series of issues there that could -- unless controlled -- spark problems rivaling those that caused the 2008 collapse of Lehman Bros.

more: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/07/AR2010070705786.html?hpid=topnews

For all the problems we have here its much much worse for many European countries. And because this planet's economies are all so interconnected, if they go down, we go down with them.. to a certain extent.