The uncertainty in American financial markets due to the debt crisis and the downgrade by S&P has re-infected the Eurozone. There is now concern that Spain and Italy will have to be bailed out, and the European Central Bank has begun buying up government bonds. German leaders, however, feel the incipient panic is an overreaction.
In other news, residents living on the highest floors of the world’s tallest tower in Dubai have been told by religious authorities that they must delay the breaking of their Ramadan fast by two minutes compared with those who live at street level. The delay is necessary because the sun is visible for that much longer at those lofty heights.
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