Engdahl compares what's going on in Europe to the 1997 Asian Financial Crisis when the "smallest weak link" in the chain was targeted. In this case it's Greece in the Eurozone chain. He still blames Goldman for designing the special derivatives that allowed Greece to hide their true debt/deficit back in 2002.
Engdahl DOES NOT see Greek contagion risk infecting Spain and Portugal. The credit default swaps (held by America and City of London? lol) of Spain and Portugal are moving higher though.
Engdahl thinks "this is a exercise in American and City of London financial warfare against the Eurozone. It has the convenient benefit for them of taking the pressure off of the Pound Sterling and more off of the Dollar which is really a very very vulnerable currency at the moment".
The video below comes from RussiaToday.