Tisk-tisk. Europe is a mess. Look at the problems with Greece, Spain, Portugal, Ireland, etc. The Euro is currency without a country. That's right, keep your eyes fixed squarely on Europe. No, I said eyes to the front. We are all aware of the United States, but that is behind us and out of sight. It's state and federal deficits, municipal insolvencies, toxic assets marked to model rather market, endless quantitative programs, and reckless consumption find absolutely no comparison to Europe.
If you stare forward long enough, the US becomes the clear safe haven of choice within the context of the best of the worst. For those of you that do not view gold as a claim to future production and creative capacity of the world’s citizenry that is without liability, this is all you need to know.
Here ends the sarcasm.
A planned merger has stalled between two weak savings banks in Galicia, in northwestern Spain, illustrating the reluctance of the Spanish government to take a firmer hand to its financial problems.
The longer consolidation is delayed among the banks, which are saddled with losses on loans to the construction industry, the more expensive it may be to deal with them.
Source: finance.yahoo.com
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