Those two dreaded worlds -
"European contagion" - are starting to slip back into headlines after
Portugal's biggest publicly traded bank, Espirito Santo, missed a major
debt payment. Whether or not this proves to be the beginning of the next
big crisis remains to be seen, though it seems unlikely that this one
thing alone will be the catalyst.
Still, John Mauldin, chairman of Mauldin Economics says that various factors around the world are coming together to form what could
be a major economic crisis that would impact the United States, Japan
and most of developed Europe, or about half the economic output of the
planet.
Mauldin recently returned from
Europe, specifically Italy, where he says there is at least a little
hope that the country, plagued with its own financial and economic woes,
is headed down a brighter path.
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