Thursday, August 4, 2011

EU President: Eurozone debt crisis is spreading

QUOTE: "In a letter to European Union leaders, Jose Manuel Barroso said: "Whatever the factors behind the lack of success, it is clear that we are no longer managing a crisis just in the euro area periphery." He called for a re-assessment of all elements of the eurozone's current and future bailout funds. And he told them the eurozone needs to convince markets that it can respond to the debt crisis.
The comments contributed to another day of sell-offs on the FTSE 100, which is on course to have lost more than £100bn in value over the past 5 trading sessions."

And no surprise: QUOTE #2: "Gold reached another record high of $1,677.9 as investors made a renewed bid for safe havens."

Consider your good buddy Chip to be one of those people who is concerned that the next big financial crisis will start with Spain and Italy.  They are already paying escalating interest rates (which becomes a vicious cycle) and it's looking like things are coming to a head.  

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