obamas speech, page-5

Why all the attention in America when the patient that is in the emergency room is Europe?

There is an interesting article in the ft written by Wolfgang M?nchau and called: The worst of the euro crisis is yet to come.

Basically it says that the crises resolution mechanisms currently in place in the eurozone are dependent for success on a strong economic recovery which will not come and then it says (and this is really the scary part) that unless current policies (monetary and fiscal) are reversed and better coordination obtained between its members the eurozone will be falling inevitably into recession.