Problems mount up

The financial markets have been on the slide today, not so much on account of the problems in Europe, rather as a reaction to slowing Asian economies and failure by USA politicians to agree on where the austerity budget axe will swing.

In Europe, Hungary has asked the IMF in, having kicked them out a while ago.  One of the ratings agencies (Moody's) has indicated France's AAA rating is looking rocky.  There is little confidence that Spain's new leader will achieve much to relieve the pressure on Spain's debt borrowing rates (how could there be given the straitjacket of the eurozone).  The EU is ganging up on Merkel to agree to euro bonds.

Germany has revised downwards its growth forecast, further unsettling markets.

Depressing.

http://blogs.telegraph.co.uk/news/benedictbrogan/100118700/david-camerons-deal-with-germany-is-another-sign-that-europe-is-losing-the-argument/

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100013346/self-serving-myths-of-europe%E2%80%99s-neo-calvinists/
Excellent read.

http://www.telegraph.co.uk/finance/financialcrisis/8905478/Hungary-turns-to-IMF-as-stress-mounts-in-Eastern-Europe.html

http://www.telegraph.co.uk/finance/financialcrisis/8904281/France-warned-on-outlook-for-AAA-credit-rating-by-Moodys.html

http://www.telegraph.co.uk/finance/financialcrisis/8903129/Markets-braced-as-fear-grows-over-new-Spanish-leader.html

http://www.spiegel.de/international/europe/0,1518,798994,00.html
Euro bonds - Merkel - EU.

http://www.telegraph.co.uk/finance/financialcrisis/8905428/French-and-German-eurozone-woes-rock-markets.html