Getting rid of Europe’s sovereign debt crisis — like squashing the pesky mosquito buzzing around us at the barbecue — is easier said than done. That raises the perplexing $64,000 question: After a horrendous May — which saw the major averages tumble, largely attributable to the Eurozone’s debt woes — when will this crisis stop bombing the U.S. stock market?
The sad answer: not anytime soon, a number of market pros say. In fact, some look for Greece’s financial crisis to soon be followed by similar events in such countries as Spain, Portugal and Italy, which several believe could lead to a collapse of the faltering Euro, perhaps even a breakup of the European Union, and, in any event, continue to inflict damage on the U.S. stock market.
Indicative of further distress, the rating service, Fitch, downgraded Spain’s credit rating for the second time last Friday, causing the Dow to sink 122 points.
To read the full article, click here …
