The latest euro ‘fix’ could be bad news for the US

Investors are finally convinced that the eurozone can be saved. European Central Bank boss Mario Draghi has made it clear that he’ll do ‘what it takes’ to stop the likes of Spain or Italy from going bust, as long as they ask for help. The Germans might throw a spanner in the works later this week. But even if their constitutional court rejects or delays the existing big bail-out fund, chances are another fudge would be hastily pulled together. So the ‘Armageddon’ discount is fading from European assets, which have rallied hard in recent months. That sounds like good news. The trouble is, once investors stop fretting quite so much about Europe, they’ll wake up to the fact that the rest of the world is in a bit of a mess too. And that could be bad news for overpriced shares in the US in particular…