Bad news for Europe´s future

The unsold condos and the unsolved mortgages are in Florida, but most of the money for the subprime crisis came from European banks.
That is why Europe’s banks still fight to finance themselves.
Making matters worse now they have to compete against their governments which need to sell outrageously huge debts.
In this war Germany’s banks, even though have big refinancing needs, can still borrow at very low rates because investors know that the state has the strength to back them.
A different scenario is in countries like Spain or Great Britain where banks can just hope in the markets recovery.
The feared insolvency of the state makes things much more difficult, and to catch investor’s higher interest rates could be necessary.
This can only mean less investments and a lower income for the people.
Lower income brings as a result lower spending which means economical crisis and a growth of unemployment.
I guess this means bad news for Europe’s future.