Borrowers beware. If you miss a payment on your car loan, don't go parking it in Ghana thinking it's safe: The arm of the repo man is really long. That was news to the Argentinean Navy, which got a shock this month when authorities in Ghana seized its flagship, the ARA Libertad.
When Greece defaulted on its government bonds in March, it was the first country of any size to take such a step since the great Argentine default of 2002. It won't be the last.
When some new members of Congress recently said they oppose raising the U.S. debt limit, it triggered warnings of "catastrophic consequences." Indeed, the result wouldn't be pretty. But here's what's at stake as the country's debt burden swells every year.
Simply put, the losses Irish taxpayers will be forced to cover are larger than the nation's economy can support, even with the promised bailout. The EU and Irish political leadership's attempts to put a brave face on the crisis is no match for this crippling burden.
The Swiss franc has been a top currency over the past six months, outpacing the dollar by 8.9% and the euro by 7.8%, thanks to shaky conditions in Europe. But some signs suggest the Swiss currency is due for a correction.
Banking regulators tested the soundness of 91 European banks this week to see if they could withstand a financial crisis, and only seven failed to pass muster. But some analysts say the tests may have been too easy, and wonder what would happen if a real "worst-case scenario" hit.