Grim forecasts for economic growth, increasing interest rates on sovereign bonds and continued austerity measures are threatening to threw Europe into deep recession according to analysts. This amidst tokens of increased disagreements among European leaders as to the right economic cure. The Dutch Premier with of the strongest economies in Europe, yesterday spoke openly in favor of giving up the EURO in favor of a a consolidated European currency for the richest members of the bloc, leaving weaker states to drop the EURO and reestablish their own central banks and currencies.

This among comes among growing awareness that a EURO primarily suiting German interests has lead to growing debt and austerity in weaker economic countries. Threats of possible grave global consequences of the European debt crisis and its strict austerity measures, created panic reactions in markets all over the world yesterday. US and Asia ended in deep red with the EURO/USD at 1.3486 fighting against deeper falls.

Gold and metal prices plunged. Silver fall 10 % in one day. Gold trading at 171 has fallen 60 dollars. Yen is stronger and increasingly seen as a safe haven; USD/YEN 76,85. Oil prices are falling back on worries for Europe and a beginning recession. NYMEX falls to 98,50 and Brent is down 2 dollars to 109,25.