ECB’s Weber Sees Threat of ‘Grave’ Greek Contagion (Update2) - Bloomberg.com

ECB’s Weber Sees Threat of ‘Grave’ Greek Contagion (Update2) - Bloomberg.com: "Contagion from the Greek crisis swept through European markets today, triggering a surge in the cost of insuring European banks against default to a one-year high and driving Spanish and Portuguese debt swaps wider."

More bad news from the EMU zone. in 2008 Europeans said that the US is the source of crisis and the burden of reforming financial sector is on the US. I have talked to some German economists in summer of 2008 and they were convinced that nothing could possibly happen to Germany exports, because they are the best in making perfect products. I would love to hear their opinion today. Germans and Chinese fail to understand that they are as responsible for the current situation as any other country.