Sadly, though, even while most Americans were enjoying the holiday or hitting the malls, much of Europe was sinking deeper into a new, more severe phase of its sovereign debt crisis.
This crisis is unfolding despite Herculean rescues by the European Union, the International Monetary Fund and the U.S. Federal Reserve.
It’s striking right now. And it’s threatening to spread to all of the world’s big debtor nations, including the biggest of all — the United States.
New phase of debt crisis! Striking NOW! Despite rescues!
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