Peter Frum says the European financial crisis is not about debt , it 's about currency . Because so many Americans misunderstand the crisis , they fail to appreciate how -- and how much -- the crisis threatens them . He says some countries unable to borrow in euros with limits set by European Central Bank . Their escape route : using the euro . Ensuing credit - card debt could have global effect . Frum : U.S. financial portfolios could suffer because of how world financial institutions work .
Peter Frum says the European financial crisis is not about debt , it 's about currency . He says some countries unable to borrow in euros with limits set by European Central Bank . Their escape route : using the euro . Ensuing credit - card debt could have global effect . Frum : U.S. financial portfolios could suffer because of how world financial institutions work .