| Three fourth of the PIGS have now been | | | | in most polls, but it's not clear that the lead will be |
| downgraded. Portugal, Greece, and Spain have | | | | enough to give them a majority when voters |
| taken their initial hits. Italy will follow, but how | | | | cast ballots on May 6. |
| about Ireland and maybe a place in the West | | | | A confident-seeming Cameron fended off Brown's |
| called California? The euro is the official currency | | | | attacks, saying time and again that Brown was |
| of the European Union (EU), and is currently in use | | | | wrong on the facts. |
| in 16 of the 27 Member States. The states, | | | | Back to the real fight. |
| known collectively as the eurozone, are Austria, | | | | The debt crisis in Europe gets worse with each |
| Belgium, Cyprus, Finland, France, Germany, | | | | passing day. Ratings agencies have recently |
| Greece, Ireland, Italy, Luxembourg, Malta, the | | | | downgraded Greek bonds to junk status, as well |
| Netherlands, Portugal, Slovakia, Slovenia and | | | | as lowered the ratings of Portugal and Spain. In |
| Spain. | | | | response, the European Union and the |
| On Thursday the highly regarded Nouriel Roubini | | | | International Monetary Fund are pondering |
| said that the Euro could be TOAST in days. | | | | whether to bail out Greece, perhaps to the tune |
| Well, here's his exact quote, "The euro zone's | | | | of 120 billion euros. Roubini additionally says, |
| days may be numbered. In a few days, there | | | | "While today, markets are worried about Greece, |
| might not be a euro zone for us to discuss," he | | | | Greece is just the tip of the iceberg, or the |
| said at a Los Angeles conference sponsored by | | | | canary in the coal mine for a much broader range |
| the Milken Institute. A few days. Hmmm. Well | | | | of fiscal problems." |
| that takes the event into the May 3-7 window | | | | The problem here is called DOMINOS! |
| that has been on my radar screen for several | | | | Almost $1 trillion of worldwide equity value was |
| months now: more specifically May 6th. Why? I | | | | erased on Wednesday on concern that rising |
| dunno or sure. | | | | public debt will spur defaults, derailing the global |
| I know, or at least I think, it has nothing to do | | | | economy, data compiled by Bloomberg show. |
| with the British elections on that day. | | | | German Chancellor Angela Merkel and the IMF |
| The last of the three British debates was held | | | | pledged to step up efforts to overcome the |
| today. British Prime Minister Gordon Brown fought | | | | Greek fiscal crisis, after bonds and stocks plunged |
| to hold on to his job Thursday in a debate against | | | | across Europe in the past week. I think it's too |
| the two men who hope to replace him, David | | | | little too late. |
| Cameron of the Conservative Party and Nick | | | | Who knows where this might go: howeer, one |
| Clegg of the Liberal Democrats. The | | | | thing I am certain of and that is being OUT of the |
| Conservatives are ahead of Brown's Labour party | | | | stock market is one of the safest bets going. |