The Prince and the Arabs are going to need one another.      Greeks withdraw $894 million in a day: Is this beginning of a run on banks?   "We could have a new currency in a couple of days and nobody knows for sure what will happen," One depositor said.                                                                     Spain's banks, may need a bailout that would strain Madrid's already stretched finances and No one is under the delusion that Spain can exit the Euro without significant economic damage throughout Europe.                                                                 Forbes May 31st, 2012  Europe doesn’t have a 5 to 10 year horizon. I am thinking they have something closer to a 5 to 10 week horizon to get their act together. Something big is going to happen in Europe this summer.

The next crisis - much sooner.

 

"We've got a bit of a perfect storm at the moment," Michael McCarthy, a markets strategist at CMC Global Markets in Sydney said.                                                                                   Disorderly Euro Zone Break-up Could Weaken Brent Oil To $60 a barrel - May 18, 2012 

LONDON – A disorderly break-up of the euro zone could push Brent crude prices to as low as $60 a barrel amid the resulting sharp European recession and negative global economic consequences, Bank of America Merrill Lynch (BAC) said Friday.

"If policy makers were unable to stem the contagion following Greece's exit from the euro, it could potentially lead to a chain reaction where other countries have few options but to opt out of the currency union as well," the bank said in a research note.

In the event of the disorderly broad euro zone break-up, oil demand in developed European economies could drop by 2 million barrels a day if the region's economy shrinks by 10%, the bank said.

"This could create a large demand gap in global oil balances resulting in oil prices falling sharply," it added.

- The value of their energy assets, a combination of high oil prices, low interest rates, and ample liquidity in the banking system is what comprises the Arab economies. 

 (9 Jan 2012)
"Bushehr not looking good"

Iran's Bushehr Nuclear Power Plant Raises Concerns No Monitoring, Cost Cutting, Bushehr also sits at the junction of three tectonic plates, raising concerns that an earthquake could damage the plant and crack its containment dome said Dr. Jassem al-Awadi, a geologist at the University of Kuwait. Bushehr was hit with a 4.6 magnitude temblor in 2002.

Three Russian nuclear scientists who planned, designed, built and put into operation Iran's first nuclear reactor at Bushehr, died June 20th 2011, when a Rusaero flight from Moscow to Petrozavodsk in northwest Russia crashed. 

The Bushehr plant overlooks the Persian Gulf -

Iran's Bushehr Reactor And The Danger It Poses

Moscow's Centre for Energy and Security Studies, an independent think tank, identified a "shortage of skilled Russian engineering and construction specialists with suitable experience, who worked on Bushehr."  It spoke of "frequent problems with quality and deadlines" as "every (Russian) subcontractor tried to milk the Bushehr project for all it's worth." 

Watch the Earthquakes along Iran's coast,          where Bushehr sits-

Mid-Point - March 21st, 2013

God Bless

gail