You might think the financial climate in America is bad now that we’ve had our credit downgraded by S&P, but we’re in good shape compared to Europe, where EU ministers have spent much of the past year playing whack-a-mole with member nations credit problems. In fact, all it will take by many estimates is one European country to default on its debt for the whole Eurozone to collapse.
Here’s how dire it is. For a brief spell earlier this afternoon, Apple was worth more than all 32 of the biggest Eurozone banks… combined.