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Europe Matters to U.S. Investors

The European crisis is not a distant soap opera.

In the United States, the European debt crisis has almost turned into a soap opera from across the pond of the creation and failure of various plans to try to convince the world that the euro, and Europe, is safe. We even got a too-clever celebrity nickname out of it (Angela Merkel plus Nicholas Sarkozy equals "Merkozy").

This week we got some more drama. The EU summit was highlighted by the agreement of all 17 eurozone nations to create a new fiscal framework that will punish profligate spending and boost rescue funds. But we also saw the United Kingdom walk away from the any EU-based solution, and that move forced the 17 eurozone nations to make any new decisions through some sort of new international framework.