Mauldin overview of Europe's problems -- a great read!

Long overview from http://www.johnmauldin.com/frontlinethoughts/where-is-the-ecb-printing-press that's worth reading.

Where Can I Find €3 Trillion?

First, for the record, the European issue is not a crisis of confidence, as Merkel and Sarkozy, et al., keep telling us. It is structural. And until the structural issues are dealt with, the problems will not be solved.

Nice Europe summary

brief summary on current state of EU, italy, spain, etc.

"The European Financial Crisis in One Graphic: The Dominoes of Debt "

http://www.oftwominds.com/blogoct11/euro-debt-dominoes10-11.html  from Charles Hugh Smith's Of Two Minds blog

Robert Reich blog post

Follow the Money: Behind Europe’s Debt Crisis Lurks Another Giant Bailout of Wall Street

TUESDAY, OCTOBER 4, 2011

Today Ben Bernanke added his voice to those who are worried about Europe’s debt crisis.

But why exactly should America be so concerned? Yes, we export to Europe – but those exports aren’t going to dry up. And in any event, they’re tiny compared to the size of the U.S. economy.

If you want the real reason, follow the money. A Greek (or Irish or Spanish or Italian or Portugese) default would have roughly the same effect on our financial system as the implosion of Lehman Brothers in 2008.

Financial chaos.

Prophets Of Doom: 12 Shocking Quotes + 1 I found

12 below, but here's another:  "The markets are focused on the imminent default by Greece. But, this is not the most important issue now. The historic development the markets have not priced in as that Germany is preparing to exit the Euro. The markets are very likely to have to contend with the re-introduction of Deutsche Marks in the near future. This is bound to mean a collapse in the value of the Euro for those countries that will remain in it (devaluation for the rest of Europe). This step may seem unthinkable but, I believe that the German government is telling us in multiple ways that there is no other solution from their point of view."
-- This is from Pippa Malmgren -- smart enough that she worked for the Bush White House (her bio)

From The Economic Collapse Blog (nice title) & reposted by zerohedge

The following are 12 shocking quotes from insiders that are warning about the horrific economic crisis that is almost here....

#1 George Soros: "Financial markets are driving the world towards another Great Depression with incalculable political consequences. The authorities, particularly in Europe, have lost control of the situation."

#2 PIMCO CEO Mohammed El-Erian: "These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy."

Truth & rumors

Dutch Finance Ministry Says Greek Default Is Unavoidable, Immediately Retracts

Moody’s has downgraded French banks Société Générale andCrédit Agricole, citing their exposure to Greek debt.

China Premier Wen Jiabao Dampens Speculation on China Saving Europe with Statement "Debt-Laden Economies Must First Put Their Own Houses in Order"

Serious recession threat for U.S.

When do you expect the economic growth to rebound and stabilise?
The slowdown pressure will definitely remain till December across the spectrum. There can only be a rebound early next year but that will largely depend on the policy decisions the large economies take in the next few weeks.

The problem is this slowdown is happening within couple of years of huge recession and the world has not recovered fully from the 2008 crisis.

And, the ECRI Weekly Leading Index from last week: WLI Ticks Up, but Growth Weakens

Greece Bailout

Very good Bloomberg article explaining what went down & ideas about impact/future Eurozone fun (pullouts after the jump). Graphic from France 24 (along with another good article)