…Now that the end of QE2 has been priced into stocks, the markets are grappling with the twin sovereign debt issues – ours and Europe’s. The near-term battle line for addressing U.S. deficits and debt is keyed in on the debt ceiling expiration on August 2nd. Europe’s sovereign debt crisis is again focused on the country where it all began a year and a half ago – Greece.

The debt crisis in Europe that began in January 2010 has continued to teeter back and forth between turmoil and stability, with the financial markets worldwide reacting accordingly. Greece, then Ireland, and then Portugal all had their moments in the spotlight, culminating in a bailout provided for each country by the European Union (EU) and International Monetary Fund (IMF). These bailouts have not solved the problem, but have effectively kicked the European sovereign debt can down the road. …

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