Euro zone crisis heads for September crunch

[Valin]

Reuters:

 

Jan Strupczewski

Sun Jul 29, 2012

 

 

BRUSSELS

 

(Reuters) - Over the past couple of years, Europe has muddled through a long series of crunch moments in its debt crisis, but this September is shaping up as a "make-or-break" month as policymakers run desperately short of options to save the common currency.

 

(Snip)

 

Since the crisis erupted in January 2010, the euro zone has had to rescue relative minnows in Greece, Ireland and Portugal as they lost the ability to fund their budget deficits and debt obligations by borrowing commercially at affordable rates.

 

(Snip)

 

The euro zone does not seem to have enough cash in the current setup to deal with a scenario of Spain and Italy needing a rescue, and a sense of doom is growing among some policymakers. Fighting the crisis, said the euro zone diplomat, is like trying to keep a life raft above water.

 

(Snip)

 

H/T P J Tatler: Euro Zone ‘Witching Hour’ Arrives in September

 

This will be happening right in the middle of the Campaign Season....should be interesting