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The top US military commander, Gen Martin Dempsey, says he is concerned about "the potential for civil unrest" as Europe's financial crisis unfolds.
Gen Dempsey said it was unclear the latest steps taken by EU leaders would be enough to hold the eurozone together, adding that a break-up could have consequences for the Pentagon...
...The US military has more than 80,000 troops and 20,000 civilian workers in Europe, many based in Germany.
Gen Dempsey also said he was concerned that an international project to develop the F-35 Joint Strike Fighter aircraft could be put in jeopardy if European national defence budgets were cut.
"It will clearly put [budgets] at risk if all the economic predictions about a potential collapse were to occur," Gen Dempsey said...
The eurozone banking system is on the edge of collapse as major lenders begin to run out of the assets they need to keep vital funding lines open.
Senior analysts and traders warned of impending bank failures...
The European Central Bank admitted it had held meetings about providing emergency funding to the region's struggling banks, however City figures said a "collateral crunch" was looming.
"If anyone thinks things are getting better then they simply don't understand how severe the problems are...
Many banks, including some French, Italian and Spanish lenders, have already run out of many of the acceptable forms of collateral such as US Treasuries and other liquid securities used to finance short-term loans and have been forced to resort to lending out their gold reserves to maintain access to dollar funding...
...shame he's only interested in the F35 and the impact on the Industrial Military Complex...
Maybe they should cancel [the F35] and put the money into a tangible plan of re-generating the American civilian infrastructure" Roads, Rail, Homes, " etc etc,
Originally posted by pause4thought
I have to say this came as a bolt from the blue to me: