The big news today is that Portugal is crashing.
The resignation of the country's Finance Minister, due to his disinclination to continue pursuing austerity, is causing stocks to fall there by 6%.
And that news is reverberating across the Eurozone.
Spain's IBEX, the market of its closest neighbor, is down 2.7%.
Greek stocks are down 1.8%.
Italian stocks are down 2.1%.
Germany is down 1.8%.
You get the idea.
This, as always, remains the biggest risk for Europe, that even if there's some slight improvement in the economy, that the real world would become so intolerably bad that the political will for the ongoing structure gives out. That's what's happening, it seems, in Portugal.
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