http://thenextrecession.wordpress.com/2012/07/24/no-vacation-for-the-euro/
Europe’s political leaders might have thought that their ‘agreement’ at the Euro summit at the end of June might give them some respite from ‘speculative attacks’ on the government bonds of Spain and Italy. But no such luck. A crisis is brewing for the Spanish government that could well explode within the next few weeks. Spain’s economy is slipping deeper into recession. We must await the decisions of the French and German elites to cough up more money or not and/or the reaction of the Spanish, Italian and Greek people to the prospect of more austerity.
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