Today’s markets were all about DEBT. The European sovereign DEBT markets were rife with rumors about Portugal, Greece and Ireland all defaulting, which would lead to a restructuring or some other type of sovereign DEBT relief. It was rumored that Portugal was dropping out of the EURO altogether. All the rumors forced Chancellor Angela Merkel to say that the EURO was the glue that holds Europe together and that Germany would do its part to hold the EU together and that countries in trouble would be provided with the needed funds.