An enduring currency/debt crisis

The Global Economy Is 

In The Middle Of A 3 Step-Crisis

SOCGEN

With the stellar run in the U.S. property market in 2013 and the economic recovery, all eyes are now on Europe and emerging markets.

In a new report titled "Investing In Dysfunctional Markets: Why Emerging Markets Could Crash Further," Societe Generale Patrick Legland, Daniel Fermon, and Laure Fauchet point out that this is a three step crisis.

Europe is seeing a nascent recovery but now we're seeing a real rout in emerging markets.

Here's their chart of the three-step crisis:

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