Here’s a link to the best article I have seen on a brief history of the Grecian debt crisis, including the Socialist’s decade-long borrow and spend spree, hiding the true size of the deficit for years aided by Goldman Sachs and other banks and over the top benefits to government workers like annual bonuses equal to two months pay. Well worth reading. Copy and paste the following link into your browser. http://topics.nytimes.com/top/news/international/countriesandterritories/greece/index.html
Timothy Geithner on CNBC today said that European leaders including Angela Merkel of Germany have insisted that “they will not have another Lehman Brothers”. By that they mean they will not let any major banks go under because of the Eurozone crisis. As I have said repeatedly, a Greek default is certain unless Eurozone leaders want to pony up at least 600 billion Euros to a country that is not implementing the full austerity measures promised and is seeing its economy shrink by 6% this year. This is a ship riding lower and lower at an increasing rate.
Stocks are up in Europe but down 0.5% in the US. The US dollar is higher again, having shot up 4% in 9 days, a huge move for a currency to make in such a short time. Gold, oil and food commodities are lower today. Treasury bonds are lower as well.