Europe's sovereign debt crisis has shattered the optimism and hope that recently pervaded financial markets amid an economic recovery. The world suddenly panicked over the possible resurgence of the global financial crisis. Stock markets around the world plunged last Friday after a debt crisis in Greek engulfed weaker Spain and Portugal in the euro zone. From the viewpoint of global financial markets, the European sovereign debt crisis is worse than the Dubai financial crisis in terms of the size of the economies involved. Significantly, all three debt-ridden countries are from the euro zone. The market is still waiting to see how euro-zone economies will handle the mess. Another selling spree on bearish news is still possible. After experiencing the global financial tsunami, however, countries should be expected not to allow bad news to swell up. It's all about how and when to handle the debt trouble. Because of the European debt crisis, people can see that although the global economy trended toward recovery, it is actually like a candle in the wind. The candle's fickle flame can easily go out without careful attention. (Feb. 9, 2010) 