Photo: flik via Flickr
Update:Another unreal back-and-forth in Europe.
After initial headlines crossed the wire about Austria rejecting an expansion of the EFSF, further headlines have clarified that the vote is only delayed, not rejected.
It’s still not good news, but it’s not quite the endgame.
Stocks remain lower, but have come back a tiny amount.
Original post: Just out…
A headline has crossed the wires about Austria rejecting an expansion to the EFSF.
It’s still not clear exactly what happened, it seems a committee in the parliament failed to get a needed 2/3 vote to endorse the expansion, which will be crucial for Greece to get a second bailout.
Markets have tanked instantly on the news, with the Dow Losing about 100 points in a matter of 2 minutes.
The euro is diving against the dollar.
The markets have been focused so much on Finland and seems to have been blindsided by this.
Not clear what happens now…
Anyway, we just got done telling you that you shouldn’t believe Geithner’s confidence in Europe. This was exactly why.
Here’s an intradday look at the S&P. You can see how quickly things fell apart.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.