European stocks and the euro fell on Wednesday, as European Union leaders began converging on Brussels for yet more talks on how to address the intensifying Greek crisis and the existential threat to the common currency.
The fear in the market is palpable, leading investors to move euros out of the struggling periphery countries and toward the central economies of Germany and France. In a debt auction Wednesday, Germany sold almost €4.6 billion, or $5.8 billion, of its two-year Schatz notes priced to yield 0.07 percent — the lowest ever; at that yield, investors are essentially handing their euros to Germany for safekeeping, expecting nothing in return.ASIAN AND EUROPEAN MARKETS ARE DOWN ALMOST 2% ON THE DAY, SO FAR...
ALL THESE EFFORTS TO SAVE THE EURO ARE REALLY DOING IS PROLONGING AND DEEPENING THE MISERY.
THE SOONER GREECE GETS OUT AND TIPS THE EURO TOWARD EXTINCTION, THE QUICKER THE CRISIS ENDS, THE EUSSR SHRINKS MASSIVELY, AND EUROPEAN NATIONS RETURN TO GROWTH.