Basically, companies in Europe have tons of debt, but banks dont want to lend them the money because they don't think they will get payed back. The economy is dropping because of this and consumer-focused compnies are getting hit real hard.
http://dealbook.nytimes.com/2012/02/06/europes-banks-reluctant-to-aid-companies-in-need-of-cash/?ref=business
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