L'aquila, Italy after April 2009 earthquake rubble buildingL’aquila, Italy after April 2009 earthquake.

Photo: wolfango/Flickr

Right now, investors in the U.S. are watching stocks crater big after last night’s election.However, the real story today is in Europe.

Markets are down big there, with Italy and Spain leading the way, off 2.5 per cent and 2.4 per cent, respectively.

French stocks are down 1.9 per cent and German stocks are down 1.7 per cent.

The big story was a speech delivered by ECB chief Mario Draghi in Germany today. In the speech, he acknowledged for the first time that the euro crisis is really starting to bring down Germany, the cornerstone economy of the eurozone.

Read more here: Mario Draghi may have just dropped a hint about tomorrow’s ECB interest rate decision >

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