The sub-prime crisis came to public domain only in the beginning of 2008 and it took nearly seven months for the crisis to pull down the entire global financial system.
Similarly, the world has come to know about the weakness in the European financial system only last month, and in the last few days people are being made to believe that it may turn back to healthy days in the near future.
But, beware not to read it wrong and get trapped with bad investments. The European union is now with a group of weak countries with very bad financial set up. These countries are seeing rising expenses with rising budget deficit. This means more borrowings without any repayment plans, which is what is worrying the global financial companies.
So expect the European system also to pull down to global financial setup in the next few quarters. And the impact could be similar to Lehman Bros collapse, or even worse.