Europe's Debt Crisis staggers on

Various rumours have come out of the Finance Meeting in Washington as officials struggle with a solution to the European debt problem, currently highly centred on Greece.

Recently, it was the US due to run out of money by a specific tight deadline, this time it is Greece, who cannot pay obligations due in November, without receiving funds under a previous rescue package.

The most likely scenario at the moment seems to be that Greece will partially default on it's debt, possibly to the tune of 50% but still stay a member of the Eurozone.

It is also apparent that the current rescue fund, standing at 440 billion Euro's, is not sufficient and they will need to quadruple this sum to provide a safety net that will allow protection for Eurozone members somewhat larger than Greece.

The Asian markets have reacted negatively, losing 2% upwards at the moment as nothing is firm, with the Euro falling to a ten year low against the Yen and an eight month low against the US$ and european equity futures markets, pointing lower in a highly volatile and dangerous market that needs a European solution ratified very quickly.