Thank You Dontcryforme for the following words:
"financial sector, has to be sliced to 30% of its capacity, they will have to take more extreme austerity measures than anyone. For the moment, they are still bluffing their way out, as I see it, but I am convinced that they will be blown away by this new recession/depression during 2012."

Europe is in the news because they are trying to solve their problems that is why I have at least some hope that they will pull out, mind you not without damage. Also many Europeans do not want to be saddled by problems of other members.

The Brits, and Americans especially, are denying the full force of their tragedy and thus posponing the cure. Because of that I have little hope for them.

Greece is a small item on the margin of Europe but note the effect it has on the public perception. Compare, Italy being about a quarter of European GDP and being too deep in debt are too big for a bail out. Europe and the Euro will suffer a heavy blow from Italian default.

Having said that, the USA being a leading financial and economic power, while having as big problems as any in Europe, but not correcting their credit card attitude will likely have a disaster many times worse than anything European.

What a hypocracy for americans to talk about and distract with Europe problems when their own are not corrected.
Italy may be the trigger for the next round of depression but USA is still THE Problem.
2012 may be the time but I had the feeling that 2009 was supposed to be it, so am convinced that the denial is posponing things by years while making The problem worse.

No hope remains except in PM sector ( the real money).