A specter is haunting Europe -- the specter of bankruptcy. Just when we thought that things in the old continent are as bad as it gets, it looks like they are about to get much worse.
A few weeks ago, Greece practically defaulted on its debt
; Several other European countries
, including England
, seemed to be heading in the same direction; and global investors were already losing faith
in Europe's ability to recover. And now, a highly improbable event is threatening to exacerbate the situation.
An Icelandic volcano erupted on April 15
, creating a black cloud that threw Europe's airline industry into chaos: Two thirds of all flights have been canceled over the past weekend, and Europe's largest airline, Lufthansa, cancelled all of its flights
. The movement of people and goods in and out of the continent is severely hampered, bringing many industries to a virtual halt
. The eruption is far from over, and experts are still unable to predict the end of it. The volcano's last eruption, in 1821, lasted for two years