S&P Places 15 Eurozone Countries, Including Germany and France, on Credit Watch Negative

One might think the the newly elected Prime Minister of Greece would have enough common sense to not appoint a finance minister with a history of medical problems. One might also think a person with known medical problems would turn down the position if offered because of the obvious stress. However, one would be wrong on bout counts. Reuters reports Greek finance minister resigns, crisis deepens

Reuters reports Greek PM, Finance Minister Will Miss Summit Due to Illness. Illness means both Greece's new prime minister and finance minister will miss an anxiously awaited summit of European leaders later this week and delayed a visit by the country's international lenders.

It's Groundhog Day once again as Greek crisis talks for debt deal pushed to Monday Coalition backers held a five-hour meeting late Sunday with Prime Minister Lucas Papademos to hammer out a deal with debt inspectors representing eurozone countries and the International Monetary Fund — but again failed to reach an agreement.

Occasionally I get an email regarding India that piques my interest. Such is the case today with this link from an Indian reader: "Property is Always a Good Investment" says the president of the National Association of Realtors India.

Once again there is grim data from Europe. The safe thing to do is expect grim data every time European data is reported. Except for an occasional outlier, you will not be too far off. Eurozone Retail Sales Decline 15th Month Markit Reports Eurozone retail downturn deepens in August Key points:

Adding to the grim news on global growth, the HSBC Flash China Manufacturing PMI shows new export business declines at sharpest rate since March 2009. Key points Flash China Manufacturing PMI™ at 47.8 (49.3 in July). 9-month low. Flash China Manufacturing Output Index at 47.9 (50.9 in July). 5-month low. China PMI

A quick check of Sunday night futures shows a certified bloodbath in Asia-Pacific including China, Australia, India, and Japan.

Here are a couple of charts to consider courtesy of Steen Jakobsen, chief economist at Saxo Bank in Denmark. European Demand Deposits