Europe matters once again—and once again the problems center on Greece. At its core, the European sovereign debt-crisis (ESDC) involves debt ridden countries (Greece) that are no longer able to refinance their own government debts without assistance and loans from a third party (Germany). In exchange for the loans, austerity is promised in order to reduce spending and deficits, however, it’s not working. The defensive posture we outlined here late last year began to take shape in early April as fears over the European-debt crisis began to flare up—again.

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