'Concern that European leaders will need to bail out more countries than just Greece flared from New York to Sydney last week, prompting investors to shun all but gold, dollars, yen and the safest government securities. Led by Italy’s $126 billion, Greece, Spain, Portugal, Ireland and Italy have a total of $215 billion of debt coming due in the next three months, according to JPMorgan.
‘‘When we’re told something’s contained, it almost never is,” said Brian Yelvington, head of fixed-income strategy at broker-dealer Knight Libertas LLC in Greenwich, Connecticut. “There were a lot of people who didn’t realize how fully interrelated and large this is.”'
Living a plush lifestyle as one of Europes pampered millions? Think the gravy train runs on into infinity? There is a brick wall approaching, whether you like it or not.