http://news.yahoo.com/s/ap/20100205/ap_o鈥?/a>
BRUSSELS 鈥?Fears of another crisis spiral for the world economy deepened Friday after the Portuguese parliament defeated a government austerity plan, triggering renewed concern that the financial crisis in that country and in Greece could spread through the eurozone and spill across its borders.
Spooked investors worldwide were fleeing risky assets like stocks. And from Shanghai to Sao Paolo, people were awakening to the reality that what is happening in these European minnow states has vast implications for the fate of the fragile global economic recovery.
Stocks fell in Asia and Europe as governments in Portugal and Greece pushed against fierce political resistance at home to cutbacks aimed at getting their deficits under control................"Portugal is next in line with ... what is now a very timid attempt" to bring its deficit down, said Marco Annunziata, chief economist at UniCredit.|||The world economic situation is very troubling to me.
The only thing anyone can really do is try to protect and prepare for yourself and your own family.|||Obama will send then some new freshly printed dollars.|||Debt is the last thing America has to worry about right now. The way our government works, we could pay it all off in a month if we had no other projects. We have THOUSANDS of projects a week, for our government to fund. When the economy finishes leveling out, we will worry about that.
It is of no immediate problem at the moment.|||This is an appetizer. The dollar crashing will be the main course.|||This is the second "question" related to Portugal you've posted today, both linking to the same article.
Portugal and Greece are among the weakest EU economies. They consistently run the largest budget deficits. It's stupid to believe that a small state like Portugal could pull down the entire EU.|||Good thing Obama has Larry Summers advising him on such matters.
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