CFO Magazine has gathered antidotal data that the Eurozone crisis is affecting US companies doing business in Europe. While end of this week EU/Eurozone leaders gather once again to resolve the Euro crisis, the business community is getting the message that there is really neither an expeditious or comprehensive resolution in the near term – it is “Groundhog Day” all over again (referring to the Bill Murray film where the main character keeps reliving the same day over and over again but with little success in altering the outcome or escaping the cycle). As we approach this next EU/Eurozone summit we again hear the imperative of finding resolution, verbal commitments and assurances are made, big limousines roll in with somber faces stepping out, a night of media speculation on the edges of the meetings and dinners, and then finally a puff of white smoke and brave faces (Merkozy like) coming out of the gatherings to tell us that it was all “constructive and useful” and that all is under control. The next day we wake up to find out that it is not resolved. (Read - “LIKE FLAT CHAMPAGNE, AFTER G-20” - diplomaticallyincorrect.org/films/blog_post/like-flat-champagne-after-g-20-in-france-by-ambassador-mo/39983). Well, let me give you this week’s film script: it cannot be resolved this week, and it will take months to fully define a solution and then years to actually adopt/implement. Part of the growing problem has been that in typical politically style EU/Eurozone leaders had tried to talk over the problem without telling their constituency the prolonged and ultimately frustrating route to resolution. While both the US and Eurozone are impacted, there is no doubt in my mind that Europe has the bigger structural, political and growth problem – Read: -“Is Eurozone or US in Greater Financial Turmoil”?” - diplomaticallyincorrect.org/films/blog_post/is-eurozone-or-us-in-greater-financial-turmoil-by-ambassador-mo/41996 As much as practical banking liquidity considerations, shrinking lending to business and consumers, the “Groundhog Day” cycle in Brussels (though rather than Punxsutawney, Pennsylvania - original setting for film - see Bottom Photo), has gathered its own momentum of uncertainty – a type of confidence (or more accurately in this instance a lack thereof) contagion. Which brings us back to the CFO Magazine article and the reluctance, perhaps fear of Europoean enterprises to move forward on their growth or even more regular business plans. Link to CFO Article: - www3.cfo.com/article/2011/12/budgeting_european-credit-crisis-central-banks-fed-nanosphere-marvell-technology-antenna-software By Ambassador Muhamed Sacirbey Facebook – Become a Fan at “Diplomatically Incorrect”

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 International Financial Crisis Channel - diplomaticallyincorrect.org/c/international-financial-crisis