Europe It's no that people get used to the European situation, it is that the ECB pulled the trigger towards hyperinflation here too, banks are being recapitalized and are allowed to get acces to very cheap loans from the ECB. Over 500 billion euros is available, next to the about 1 trillion dollars swap the FED sent over. This will be used partially to buy the paper from the maturing gigantic government bond market. France and Italy alone need to refinance about 500 billion this year, of which 200 billion the next two months.... No problem, in the fractional reserve banking system, the 1,5 trillion will be levered about 10:1 so the banks got 15 trillion to spare again.
There will be shocks this year but they will be limited, and i highly doubt markets will go into crash mode this year, the message is pretty clear. We will buy time, we don't care about the currency, when it goes in to hyperinflation, we will blame governments for over extending their loans... So forget Europe for a while, 15-16 trillion still goes a long way