1 - The euro zone’s main bailout vehicle lost its AAA rating from Standard & Poor’s on Monday, just three days after the agency downgraded France and eight other European countries.
2 - As Greece and its lenders prepare for another week of tense negotiations, European officials now say that the task is less to help the country through its troubles than to avoid the sort of uncontrolled default that many experts fear could threaten the global financial system.
Officials from the so-called troika of foreign lenders to Greece — the European Central Bank, European Union and International Monetary Fund — have come to believe that the country has neither the ability nor the will to carry out the broad economic reforms it has promised in exchange for aid, people familiar with the talks say, and they say they are even prepared to withhold the next installment of aid in March.IT'S NOT IF THE EURO WILL FOLD - OE EVEN WHEN, BUT HOW SOON?
IMHO: WEEKS PROBABLY. FEBRUARY 15TH, OR SO.... NOT LATER THAN THE IDES OF MARCH.
BETTER SELL YOUR EURO'S AND BUY DOLLARS AND GOLD.
UPDATE: 11:21PM:
Investors are bracing for a return to volatility when markets in the United States reopen on Tuesday as renewed gloom about the debt crisis in Europe threatens to end the calm that has prevailed on Wall Street in recent weeks.
BETTER FASTEN YOUR SEAT-BELTS; IT'S GONNA BE A HELLUVA RIDE....
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