Q. Why are the banks agreeing to ignore that much [debt]?
A. Because if they don't, there might be a "credit event".
Q. What is a "credit event"?
A. That is the name for Europe exploding.
Here at EA, we have been trying to cover conflicts in Syria and Yemen, allegations of sophisticated terror plots against Iran, activists struggling to forge democracy in Egypt, Tunisia, and Libya, and the ongoing war in Afghanistan.
Meanwhile, a dark, frustrating, and confusing cloud looms over Europe. We turn to our colleagues at XtraNormal to explain the economic situation.