It's a bleak situation for the EU. It says a lot when the European Council President speaks so openly about the current situation. (In my opinion, his "crisis of survival" quote can easily apply to the entire global financial system) From Investment Week:
Here's one thing that analysts overlook - All these things are happening real-time, all at once. Remember when corporate america discovered "synergy?" For those that don't recall, synergy was a common reason large multinationals purchased subsidiaries. Their reasoning was that with the marriage of diverse yet related business, they can cross sell and attain higher revenues. Thus, the sum total was greater than the aggregate parts. Two plus two would equal five. Well, this applies to crises as well, in my opinion. Everyone is looking at all these crises as if they exist in a vacuum, indendent of eachother.
What I am saying is that in a complex world of interdependency, co-existent crises feed off eachother in ways few can anticipate - and the net result may be two plus two equals ten, or maybe one hundred. It's a synergy of destruction.