EU Crisis - A Bottomless Hole.

According to Klaus Regling, the chief of the European Financial Stability Facility, the sovereing debt crisis has already consumed a staggering amount of money. To date, more than 1 trillion Euros had already been spent on trying to solve the problem and the figure is to become much higher. Greece alone will need additional 100 billion Euros to carry this country through 2012, and 50 billion euros may be requested to help recapitalise banks in the EU. However, even this is only a fraction of the potential demand from Italy and Spain in they are unable to refinance their maturing obligations. Considering the high costs of borrowing they have experienced recently, this is a real possibility.