Europe's Financial Crisis: A Short Guide to How the Euro Fell Into Crisis and the Consequences for the World, CourseSmart eTextbook

Greece. Spain. Italy. Portugal. Will the Euro survive? Where is the Eurozone financial crisis leading? What will it mean for global and US markets? In this up-to-the-minute discussion, leading Financial Times journalist John Authers illuminates today's European financial crisis and the massive forces increasingly buffeting the world and US economies. Authers explains why a strong recovery remains far away, why the risk of a catastrophic "final" crisis remains terrifyingly real, and how investors can best navigate today's brutally challenging markets. Authers reveals why the 2010/2011 market rallies were so fearful, and why their underlying assumptions -- continued Chinese growth, bailouts, progress towards bank solvency, more easy "Fed" money -- have proven so tenuous. Above all, he shows how the Eurozone crisis uncovers today's worst unaddressed risk: the markets' loss of confidence in governments. The author offers profound new insights into

• Underlying flaws in the banking system that remain even after huge bailouts
• How the Eurozone's flawed structure is driving a new sovereign debt crisis
• How cheap money and bailouts have bought time -- and how that time is rapidly running out
• The increasingly frightening signs of "perverse synchronization": forex, equity, credit, and commodity markets massively moving in tandem
• What policymakers can and must do now

Introduction     1
Chapter 1    Genesis of the Euro     11
Chapter 2    Catalyst: Crash on Wall Street     27
Chapter 3    Emerging Markets Decouple     43
Chapter 4    Currency Wars     55
Chapter 5    Banks Bounce     67
Chapter 6    Bank-Bashing     81
Chapter 7    Europe: The Logic of Contagion     95
Chapter 8    Democrats versus Technocrats     113
Chapter 9    Risk-On, Risk-Off Markets     129
Chapter 10  2012 and After     149
    Index     161