Most of our focus recently has been on the US political landscape as we near a critical election. What everyone is missing, perhaps intentionally is the critical events in Europe. Based on today’s election Greece will either adopt severe austerity measures that cause civil unrest and disobedience, or they will be forced out of the EU and likely become (effectively) a third world country. Spain, Portugal, Italy, and Ireland are rapidly approaching the same situation.
Joe Huffman, has a nice piece posted relating the current European situation to US economic policies. You should give it a read.
On Saturday, Germany’s Biotest appeared to become the first drugmaker to say it was exiting the Greek market in July after its customers there failed to pay outstanding bills of 7 million euros. Others have threatened to do likewise, as the Greek health sector struggles with huge spending cuts