Europe suffers worrying wave of financial chaos

According to this article published Wednesday 5 July by Bloomberg, Europe is increasingly encircled by financial woes. Emerging markets are being hit by a wave of selling, sending currencies falling and interest rates jumping.

"The worrying questions now are: Will those crises turn out to be contagious, as they did in Asia in the last decade?" it asks.

"The sense of trouble brewing can hardly be avoided. First, Iceland fell into crisis earlier this year when a ballooning trade deficit, accelera