The situation in the Eurozone is fluid to put it mildly. Spain continues to struggle financially as its banks hover over the abyss of insolvency, ominously watching their short term (6 month government bonds) borrowing costs triple Tuesday.
European business activity fell in May, nearing a 35-month low, according to a survey by Markit. Its survey, based on European manufacturing and service sectors, fell to 45.9. The euro fell to a 22-month low against the dollar in response. Disagreement at Wednesday’s summit between European leaders about how to solve the dilemma did nothing [...]
