After yesterday’s big 6%+ down day, Greek stocks are off another 2.5% today.
Greek banks are getting creamed worse.
Without too much exaggeration, we’d say that Greece is trading like it’s going to zero.
After the conservatives failed to form a government yesterday, it looks very much like there will be new elections in a few weeks, and it’s likely that the hand of the anti-austerity/anti-bailout faction will be strengthened even more.
UPDATE: And Greece is getting murdered some more. The index is now down 3.4%.
Not helping things: Some headlines form leftist leader Alexis Tsipras indicating that he wonders whether Greek debt is even “legal.”
Meanwhile, Art Cashin has a pretty good summation of Wall Street’s thinking about Greece, and how it ends up reverting to the Drachma very soon.