European banks are in near panic mode as they realise the Euro rescue package announced thus far is inadequate. Foreign governments are hesitant to invest in the currency until more concrete reform steps are taken. The news today is that the Eurozone has 10 days to come up with a plan to save itself or else.
The “or else” could be a worldwide financial meltdown. The International Monetary Fund wants more Euro member money added to the rescue package, and more austerity measures for troubled economies in the zone before committing more funds.
It remains to be seen if Europe will commit to the reforms required for international financial assistance. So far they have only applied a small band-aid to a hemorrhaging currency.