Euro Goes off the Deep End

The inner circle nations of the European Union have gone all in — to the tune of a trillion dollars — to rescue the periphery states. Perhaps they saved the day, but literally only one. All those funds tied up and there’s already a chorus of renewed criticism shouting down the euro’s ability to recover. 

Discussion is also quickly turning to Germany’s AAA debt rating… which, given its latest overcommitment, is now in credit rating agency crosshairs. The takeaway? What hitching a ride on Greek coattails may look like…

The Daily Reckoning