“During this new stage of the depression, the refugee gold and the foreign government reserve deposits were constantly driven by fear hither and yon over the world. We were to see currencies demoralized and governments embarrassed as fear drove the gold from one country to another. In fact, there was a mass of gold and short-term credit which behaved like a loose cannon on the deck of the world in a tempest-tossed era.” Herbert Hoover on the 1931 Sovereign Debt Crisis
"After the Spanish banking bailout drama the action now swings back to Greece for the election this weekend. Former Prime Minister George Papandreou tells Bloomberg TV’s Sara Eisen that Greece has ‘a few weeks’ before its government runs out of money and that this is a ‘make or break’ period..."
http://www.arabianmoney....ster-george-papandreou/
"VENICE — Concerns grew on Monday that Italy could be the next victim of Europe’s financial infection, leading nervous investors to sell Italian stocks and bonds and damping euphoria over a weekend deal to bail out Spain’s banks...."
http://www.nytimes.com/2...mp;emc=edit_th_20120612