Look thru the headlines...This IS the major difference between a financial event and an ECONOMIC event.  Should this spill over continue it would seem hard to escape without considerable headwinds. 

http://globaleconomicanalysis.blogspot.com/

The reality...seeing that all currencies are suspect and at this point is understood...HOW can fiscal discipline be set by currency values?  Answer?  It cant...the venting is going to most likely take place in the GOVT bond markets adjusting ylds to reflect margins of safety.  Should US rates take out these levels (TYX on www.bigcharts.com) we will have to adjust to several "new" variables.  Whether current valuations have already taken these events into acct will only be known in hindsight.