"So what is going on here? Unless you’re living under a rock, you likely noticed that European markets are in a frenzy over debt troubles in Portugal, Spain, Ireland, Italy, and Greece. There is serious concern that these countries may default on their debts or need to be bailed out. Moody’s has already downgraded Greek bonds to junk status (nobody is really trading Greek two-year bonds, but it is estimated that yields are between 15-20 percent!), and has warned that Portugal and Spain are close to being downgraded."

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