The bad news out of Europe continues unabated, including debt and ratings downgrades, sliding economic growth, and exploding red ink. It is becoming apparent that many of the countries of Europe have borrowed so much money from the banks of the other countries in Europe, that almost none of it can or will ever be paid back -- not with the ever falling economic growth in these countries, which will worsen as austerity measures are imposed. In other words, even though the buyers of the bonds of these countries don't yet realize it, the fact is that most of these bonds will never be fully redeemed. In other words they are toxic junk; the loans will never be repaid, at least not for anything like their nominal and originally stated value.
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