When Europe opens down big due to the US deficit issues, it will send a chill though the investment community and euro zone leaders.

This is the last thing they need while struggling with their domestic financial issues.
With export markets threatened, and impossible domestic debt loads given the current levels of growth,
markets could force (via deteriorating financial conditions) an ECB takeover of all national govt. funding.

Kind of like breaking your leg and getting hit by a car while trying to limp home.