As the EU goes, so goes the USA?

From Jeff Cox at CNBC (hat tip: Brian Hearden):

The current European debt crisis likely will not end until the euro collapses as a currency and takes the entire European Union with it, said Dennis Gartman, hedge fund manager and author of "The Gartman Letter."

"I think the whole thing will go down to defeat, the whole thing will eventually unravel," Gartman said in an interview with CNBC.com.

Gartman said he doesn't have a specific timetable for how long it will take for the collapse of the 17-year-old EU, but said, "it doesn't look good."

The debt problems continued to escalate Wednesday as Greek citizens rioted in the streets over proposed austerity measures that would be required for any rescue plan to gain approval.

At the same time, Moody's warned that it might downgrade the debt for Portugal, accelerating worries that Greece's unremitting debt worries could spread across the continent.

The thing is, with U.S. banks having major holdings in EU countries, if the EU sneezes, America could catch the cold. And if that's the case, so much for the budding recovery.

If a few rioters in Greece are enough to send the stock market on a near 1,000-point dive, I have a feeling it's going to be a long, hot summer.