"an event that forces policy officials to spend a long weekend trying desperately to announce a new bailout package in order to avoid national and global panic before the markets open on Monday."
Despite a trillion dollar bailout and pledge to defend the Euro, the Euro has crashed to an 18 month low. That's it . . . Europe fired it's bailout bullet . . . and missed. Paul Krugman is panicing.
German Chancellor, Angela Merkel said the bailout may not work.
Former Fed Chairman Paul Volker said the Euro may brake up.
California Governor, Arnold Schwarzenegger compared California to Greece while announcing crushing budget cuts.