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A well known top economist just spent two weeks in Europe and returned saying he feels another debt crisis could possibly be brewing in Europe. While it is not 2008, there are several major banks which are still not strong, several sovereigns which are far from fixing their labor and fiscal problems and they are basically on the edge of a new recession with deflation becoming more of a possibility than before. The Euro is weak, and may get weaker. The ECB is trying, but the political and cultural problems create a situation that makes it very hard for the ECB or IMF to have much impact in some countries.

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