The markets are crashing in Europe

News. Chancellor Angela Merkel and French President Nicolas Sarkozy ruled out euro bonds for the foreseeable future at their summit in Paris on Tuesday, and the closer fiscal coordination they proposed for the euro zone has failed to convince markets.

What is happening? This is my sense of what the two European leaders decided.

Let the banks and the countries in trouble pay. It is the only way to sort the good from the bad ones.

Clearly the markets did not like their decisions. Fasten your seat belts. Here we go again.

Let's hope my "sense" is wrong.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest

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