europe debt crisis

Europe debt crisis spreads to Portugal. Read here. It has impacted not only the major European stock markets (by more than 2.5 percent) but also the US Dow Jones.

One wonders, how can a country, plunge so deep in debt? Standards & Poor has revised Greek bond status to 'junk'! About S&P.

Greece has a deficit of 300 billion, and with bailout of 45 billion, how can it cover the deficit? What's Greece's main money generating industry? Here's an understanding of Greece economy according to wiki. It listed Greece main economy as tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Sounds like it has lots of avenue for income. So how was it able to plunge so deep in debt with so many pair of eyes watching?

Seems like financials are a funny thing. The more downtrodden you are, the more your investors punishes you. Apparently, metals prices went up shortly after the news of the potential spread of the European crisis.

Not sure how, but seems like the world need to restructure itself to clear debts...