Striking NOW: New, BIGGER European Debt Crisis

Larry Edelson, Sean Brodrick and I told you a major fundamental shift was in the making. And we told you the shift would hit the fan.

Now it’s happening.

The first big explosion happened Friday. This week, expect to see much more.

Turkey is getting mangled. In just a few hours, its currency plummeted 16%.

Its government’s borrowing cost skyrocketed to 20%!

And to add insult to injury, Trump is DOUBLING tariffs on its exports.

The euro is getting clobbered. For months, it was already sliding. Now it’s in a freefall.

European banks are taking it on the chin. They’re up to their eyeballs in Turkish debts:

• Italian banks loaded with $17 billion …

• French banks, $38 billion ...

• Spanish banks, $83 billion!

No wonder their bank stocks fell apart on Friday. And it’s just the beginning!

Shocking Charts

With this news hitting so fast and furious, I don’t have time to fancy up our charts. But the story they tell is no less shocking.

Look at the Turkish lira …

Its collapse foretells an implosion in the country’s entire economy and debt structure.

And beware: Turkey is no run-of-the-mill backwater country. It’s a primary NATO ally. It’s at the crossroads of Europe and Asia. And because it’s so deeply in debt to foreign institutions, its demise is sending shockwaves across the world.

The first shock is striking Turkey’s major creditors — European banks like UniCredit and Spain’s BBVA, shown in this next chart ...

BBVA, along with virtually all European bank stocks, got absolutely hammered Friday, plunging to new all-time lows.

This confirms and double-confirms everything we’ve been warning you about: Big trouble in Europe, HUGE money flows to the United States and much, much more!

And all this even BEFORE Turkey’s inevitable default!

Good luck and God bless!

Martin