France borrowed heavily at short-term rates during the era of near-zero interest rates, and now faces refinancing that debt at much higher costs.
It makes European exports more expensive at a time when European economies are already anemic.
The southern European countries hit hardest by the sovereign debt crisis now drive economic growth on the continent.
The economies of China, the U.S. and Europe will all be affected by the cartel’s move to boost energy prices.
Roads, railway tracks and other parts of Europe’s economic backbone buckle and crack under record temperatures.
