PIIGS Get Slaughtered

Not a big post at the moment, but if you have not seen it, the letter from the President of the European Commission, Jose Manuel Barroso, is worth your consideration. It goes a long way toward explaining the downward spiral of global markets today:

http://www.calculatedriskblog.com/2011/08/european-commission-president-crisis-no.html

Disclosures: None