With China slowing, the US slowing, and much of the rest of Europe in widely-recognized contraction, the vaunted German export machine has a shrinking pool of able and willing buyers.
Greece threatened with expulsion from the EU if austerity referendum fails.
Europe’s economy and banking system are large enough that the world can’t decouple from a European recession, a weaker euro, or the tail risk of a euro breakup- which would be a Lehman-equivalent negative for global growth.
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