One of that stool's three legs is being eaten by termites. Europe's PIIGS are once again making news:
Anger and fear about Europe's seemingly unstoppable debt crisis coursed through the continent Wednesday. Striking workers shut down much of Portugal, Ireland proposed its deepest budget cuts in history and seething Italian and British students clashed with police over education cuts.
I guess "Old Europe" is getting some more grey hair with all of this stress. Speaking of stress, didn't Europe apply stress tests to its own banks recently? Yeah, those worked out just fine. They were designed to hide problems instead of reveal them, just as their counterpart tests in America did.
Full disclosure: My short puts under EFA might get triggered next month after all, if European contagion spreads to Asia.