This state of affairs has been well documented and commented upon. I therefore wish only then to point out some of the effects upon our Southern African region.
Rest of this post below notes
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At this stage we have to believe that the bond buying programme ,now called their "quantitative easing programme " despite all its inefficientcies in the Euro zone will help reverse the deflation which is now gripping this region. After all the American QE has definitely left the economy there in a better mode.
As far as we go on our REITS on the JSE that concentrate on Europe are flying as they are now buying European property portfolios in their depressed markets and will hopefully provide good growth as they restore their confidence.
On the negative side is our export of all kinds minerals . There is really not a market now for our base and industrial metals with falling prices as well as our precious metals, and only rare metals prices are holding up. As mines become unprofitable they forced to either close or cut back drastically on staff ,leading to social unrest which might come back to bite the Western world sooner than they think. Another unfavourable outcome is that Eastern Socialist countries are moving into Africa mining whole sale and buying up these assets at fire sale prices!
