As we noted just a moment ago, you can usually reverse engineer the overnight news just by looking at a chart of the euro.If it’s down, then you can probably find some ugly headlines about Greece, and indeed that’s what we have today.
Cinematically, labour unions have stormed the Acropolis and are occupying it!. They’ve also shut down a hotel, according to Bloomberg. It’s all in protest of budget cuts, sending exactly the wrong messages to the various EU parliaments that still need to vote on forking over the cash.
The bottom line is that the same factors impeding the bailout before this weekend are still here.
Meanwhile, many are already coming around to the conclusion that we’re merely delaying the inevitable here.
Charles Forelle at WSJ (via ZeroHedge) does the maths and concludes that while, yes, the bailout would tide Greece over in the very short term, the assumptions down the road look bad, especially the one about Greece being able to soon tap capital markets again.
So, bottom line is that it feels very much like this weekend never happened, and that mood is certainly being reflected in the markets already.