armstrongeconomics.com / By Martin Armstrong /
The Sovereign Debt Crisis is of profound importance. What is grossly being overlooked is both the exposure of banks to sovereign debt in Europe as well as Japan. In the case of the former, France has more exposure than all of Europe combined. The French have actually proposed lowering the retirement age from 62 to 60. This is like you see you are about to hit head on in a collision while driving so you just step on the gas to endure to end it all as fast as possible. If the Greeks do not blow up the Euro, don’t worry, the French will.
The French banks are in serious shape and now the Government will not back off of its insane socialistic policies. Just where is this money supposed to come from nobody knows.