World Economy

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Recently the share market just like roller coaster going up and down and In really confuse with the EU debt issue. There are some fact and possible action that ECB will take to solve the solvenier debt issue: 1) Greece is too heavily indebted and requires a debt restructuring. However, I dont think they able to pay off their debt even their interest. Will this have a very significant impact on the European bank (mostly France and German). Recently ECB give promise that they will support all this bank. Will this help? 2)Spain is not in the same boat as Greece as its debts as a percentage of GDP is much lower. Recently Spain debt auction able to sell goverment bond at a lower than expected interest rate and will this solve spain debt issue? 3) Italy is somewhere in between Spain & Greece in term of sovereign debt to GDP. However, italy goverment did not received good response during their bond auction recently and will ECB help to buy Italian short term bond to lower the interest?\ 4) The Euro currency is too strong for some weaker countries like Greece. Will ECB devaluing Euro by 10-20% to keep their export conpetitive like China?. Lower currency will definitely bring growth to European countries and help in their economy recovery. 5) How significant is European dept issue impact on America Economy? Please feeel free to comment and your comment is highly appreciated.