Guardian UK: European debt crisis spiralling out of control

[marmar]

Fears that Europe's sovereign debt crisis was spiralling out of control have intensified as political chaos in Athens and Rome, and looming recession, created panic on world markets.

Reports emerging from Brussels said that Germany and France had begun preliminary talks on a break-up of the eurozone, amid fears that Italy will be too big to rescue.

Despite Silvio Berlusconi's announcement that he would step down as prime minister once austerity measures were pushed through parliament, a collapse of investor confidence in Europe's third-biggest economy sent interest rates in Italy to the levels that triggered bailouts in Portugal, Greece and Ireland.

Italian bond yields surged through the critical 7% mark, at one point hitting 7.5%, amid concern that the deteriorating situation had moved the crisis into a dangerous new phase. .............(more)

The complete piece is at: http://www.guardian.co.uk/business/2011/nov/09/european-debt-crisis-eurozone-breakup

[socialist_n_TN]

1. It's time for these debt enslaved Euro countries

to band together in a mutual assistance United Socialist States of Europe.

[Rosa Luxemburg]

2. So these economies have been run on 'hot air' so far

Don't you wish the world would change its financial system? No stock market no Wall streets. What can we replace it with?

[xchrom]

3. Ruh-Roh. Nt

[Turbineguy]

4. Yes.

People will make money of the collapse of (continental) European economies. Especially in London.

Somebody gets a Ferrari for every 10,000 made homeless.

[Kaleko]

5. It's not just a European debt crisis.

American taxpayers are on the hook for far more of the debt that investment banks owe. Everything is globally interconnected. Enormous amounts of debt will have to be cancelled.

We're facing a highly volatile mess, but the sooner the money Matrix collapses, the sooner we can start to recover.
At present we are only prolonging the agony.