Hong Kong (PRWEB) November 21, 2011

ITFX reports that estimates of third-quarter GDP growth have yet to be released for all 17 countries of the euro zone. Notably absent and with the potential to further drag down the 0.2% growth figure are estimates for Greece, Ireland, Italy, Luxembourg, Malta and Slovenia.

Estonia, with a 0.8% result for the third quarter comes in at the top of the EU countries for which growth figures are available.

It appears that if Europe is not already in a recession, it seems to be headed in that direction.

Europeans will suffer a reduction to their standard of living, the job market will decline and consumers, uncertain about the future, will stop purchasing items that are essential to stimulating economic growth.

The impact of this reality will be felt acutely in the US, since 20% of its annual exports go to Europe. Asian countries will experience a similar reduction in exports.

This news had a profound effect on US stock markets Wednesday, when a report warning of the spreading European debt crisis? effect on large US banks caused and over 150 point drop in the Dow in the last hour of trading.

Bank of America Corp., JP Morgan Chase, Goldman Sachs and Morgan Stanley dropped sharply. The top five US banks have over $ 100 billion in various assets tied to French banks. In turn, French banks have a high degree of exposure to the bonds of Greece and Italy.

It remains to be seen what new Italian prime minister designate Mario Monti and the new government in Greece can do to stop the erosion of confidence that euro investors have been treated to on a daily basis.

News that France?s 10 year bond rate rose from 2.54% near the beginning of October to close to 4% on Wednesday, threatening that country with the loss of its AAA credit rating, comes at a time when investors are holding out hope for anything that even closely resembles a move in a positive direction.

FX trading has become more complex lately as Forex currency exchanges attempt to make sense of the future of the euro zone economies and the euro currency.

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