Stock markets have fallen after the European commission president warned that the crisis in the eurozone was threatening to engulf Italy and Spain. Photograph: Frank Rumpenhorst/AFP/Getty ImagesEurope Economic Crisis Festers -- L.A. Times
With many leaders on their summer holidays even as Europe deals with a debt crisis, perceptions of a leadership vacuum are making risk-averse markets jittery.
Reporting from Paris and London — With analysts speaking of "jitters" at best and "panic" at worst, some questioned Friday whether anyone was really in charge as Europe's economy clattered into what seemed to be a long, black tunnel.
Many key politicians and economic leaders are on vacation in August, and European markets often drop during that period because speculators believe that the leadership is not paying attention, said Eric Heyer, head of the Center for Economic Research at France's prestigious Institute of Political Sciences.
That sends the wrong signal at a time of high anxiety over the U.S. economy stalling and Europe being swallowed by its debt crisis, he said.
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My Comment: So typical of Europe .... they are experiencing a debt/financial crisis, but their leaders choose to go on vacation first. The New York Times is right .... this is a failure of leadership. What is my prediction for Europe's financial future .... this and this.
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