EU/Euro Collapse 2011/2012 and it's impact and possible new World Financial Crisis
This thread is being started late but I thought I'd use this one to summarize what's happening and talk about possible scenarios. Europe is now discussing how to "Save the Euro" when just months ago they insisted their banks were fine.
As it stands now, Italy and Spain are very close to defaulting based on the increasing returns on their bonds to entice investors (I never considered Greece and I won't consider any of Europe). IMHO there's nothing that can be done to stop this spiral, the banks may be saved like in the USA but the defaults will inevitably happen and the EU admits they can't afford to bailout Italy or Spain. Moody's and S&P are both talking about downgrading all the Euro countries.
The only question about the downgrade and default of some Euro countries and the breakup of the region and maybe Euro itself is how fast and how bad will it be? Some are even predicting possible anarchy both politically and financially as the EU collapses.
The Bank of Canada has been increasingly dire in their predictions about the Euro in recent weeks and just issued another one now.
It hasn't happened yet but the crisis definitely not over. It has me wondering why the Ukraine wants to join the EU so bad at a time like this? Many countries who were denied are quite happy and feeling lucky.
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