Talk about déjà vu. Earlier this month Wall Street experienced an unwelcomed repeat of the European sovereign debt crisis.
Stock markets around the world tumbled on July 10 due to fears about a potential collapse of Banco Espirito Santo, Portugal's second-biggest bank. Shares of the Portuguese lender plummeted due to worries about accounting irregularities and mounting financial stress.
Related: 4 reasons to keep calm about the bank crisis in Portugal
The fear, at the time, was that Banco Espirito Santo's problems would foreshadow deeper problems at Portuguese banks and the eurozone more broadly. These concerns came on top of recent official reports revealing Europe's economy has hit another rough patch.
But the Dow's 180-point intraday drop on July 10 proved to be an overreaction as stocks reached the finish line with just modest losses before bouncing back to fresh records this week.
