WAKE UP! Markets Are Tanking Again, And Greece Is In Chaos

Alarm Clock

Photo: Wikimedia Commons

Jeez, we really are back to this. Markets are tanking.US futures are off heavy, with S&P futures down about 1% ,which is actually much better than a little while ago.

Europe is getting smashed on, seemingly, all the same old Greek fears.

There’s heavy selling in the French and Italian banks.

The Italian 10-year yield hit 6.4% (!) in the early going.

Italy’s FTSE MIB index is off 2.5%.

Undoubtedly the hot story of the day is this letter sent by Greek Finance Minister Venizelos, rebuking Prime Minister George Papandreou’s referendum idea. It’s the surest sign yet that the Greek government is on the verge of collapse.

Today, of course, is the first ECB meeting for new chief Mario Draghi. We’ll see if he A) tries something bold to ease the chaos or B) uses the chaos as an opportunity to show how bold and hawkish he is.

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