Europe Getting Smashed, US Futures Slide, As European Commission President Basically Admits Defeat

Jose Manuel Barroso

Well it started off quiet in Europe today.

No longer.

European markets are getting smashed, as — no surprise — Italy leads the way with a 1.5% decline.

Other markets are in hot pursuit.

What’s causing the consternation?

European Commission President José Manuel Barroso is talking about reassessing the various bailout funds that were bolstered just two weeks ago. He’s also admitting that the latest bailout did not have the desired market effect.

This is pushing down yields in the US, as well as pushing down US equity markets.

Dow off over 80 points.

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