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Whaaa!? Why, We Had No Idea It Was This Bad

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The ECB warns that next year could be extremely tough as the sovereign debt crisis continues.

The European Central Bank warned Monday of a perilous year ahead as the sovereign debt crisis collides with slower economic growth and a dearth of market financing for banks.

The dire prediction, contained in the E.C.B.’s twice-yearly report on the risks to the euro area financial system, came as E.U. governments fell short of their target to expand their backup plan for the euro by channeling more resources through the International Monetary Fund.

By some measures, the stresses on the European financial system are approaching or even exceeding levels last seen after the bankruptcy of Lehman Brothers in September 2008.

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