European economy is somewhat hard to follow, as the nations in the European Union are interdependent and yet independent. But before the Icelandic volcano erupted last week, serious concerns existed as to the stability of the economy of almost every nation there apart from Germany. Now that the volcano has erupted and that natural disaster has only begun to have its devastating effect, there is little hope that marginal nations (marginal as to their economies) such as Iceland, Greece and Portugal will be able to avoid defaulting on their debt instruments and showing others signs of severe economic downturns. Is there reason to be alarmed about the impact such failures will have on the US? If nothing else, there is likely to be no receptivity to any effort to restructure debt for California or New York...two of several states facing impending economic disasters of their own.