Today´s stocks black Monday in Europe is a consequence of
a) the strong feeling that something bad might happen to the Greek economy since they announced that they will not be able to reach the committed ceiling deficit of 7,5% of their GDP
b) The perception that some European banks are in a weak position regarding credit quality and capital, situation that could worsen if worst come to worst in Greece. If Greece goes south it will surely impact on some European banks that hold their promissory notes.
c) The connection between the situation in the US (banks falling prices on Sept 2nd impacted on prices today Monday the 5th)
All in all and whether we like it or not "everything is connected"
Hopefully we will soon see the end of the double dip recession