Europe is a different case from other countries, since they have nothing close to monetary sovereignty, and they are completely reliant on an international, stateless European Central Bank, that is, for now, mostly controlled by Germany.
The ECB doing 'whatever it takes' which means conditional funding to sustain solvency while keeping fiscal 'overly tight' is extremely euro friendly, which fulfills the ECB's single mandate. And very unfriendly to 99% of the people who live there.
Once again, the Eurozone debt crisis threatens to suck the oxygen out of the global economy. In the end, our election may well turn on events entirely beyond the influence or control of either President Obama or former Governor Romney.
By extending credit to Spain's banks, Europe helped stave off the immediate threat of a run on those institutions. However, with its 24 percent unemployment rate, Spain has problems that won't be solved by a quick extension of credit.
No matter how inspiring the future European vision might be, the strategy towards it, unfortunately, bears neither fiscal nor social morality over the people. The domino effect has started from Greece.