Nearly four years on from the financial meltdown that plunged it into recession, the global economy remains fragile. The latest green shoots of recovery in the United States already show signs of turning brown. It is touch and go whether Barack Obama will enter the polls with unemployment above or below the 8 percent rate that usually means defeat for an incumbent president. Across the Atlantic, the euro zone stumbles from crisis to crisis; the continuing problems of the heavily indebted PIIGS (Portugal, Ireland, Italy, Greece and Spain) remain the basis for many a nightmare, some of the worst involving the banks around the world that own much of the debt.
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