The numbers are not looking good coming out of the EU. We see the PMI from around the continent which is telling us that things are not so hot with the economy.
In this video I discuss how the EU is in major financial trouble. The growth rate is slower than the US, which is anemic itself. At the same time, international banks are not touching European sovereign debt. This is going to make things very difficult for the continent going forward. The ECB is in a bind, one which will likely call for the replacement of existing debt with perpetual bonds where only the interest is paid back.
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