Europe: Still a slow-moving train wreck
A train without a breaks on a downhill 
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Now that it looks like Cyprus won't be leaving the eurozone, investors should not forget that the continent has bigger problems.
Sure, Cyprus yielded about a week of scary headlines, but the Cyprus obsession served as a distraction from the real story: much of Europe is still an economic mess that has nothing to do with Russian bank deposits in the tiny island nation. There never was a silent C for Cyprus in the PIIGS acronym of troubled European nations that actually matter.
Stocks did pull back Monday, after an initial celebration of the Cyprus bailout. It was a pretty mild sell-off though. And the market bounced back a bit Tuesday.
But here's why you still need to be worried about Europe.
The most recently available unemployment rates in Greece, Spain and Portugal (which last I checked are all a tad bigger than in Cyprus) were 26.4%, 26.2% and 17.6% respectively.
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