Markets are down across the board today, but all in all, our sense of things is that things could be worse.
US futures, oil, and the euro, for example, are all higher than they were last night.
But one market is getting destroyed, and that’s Greece.
Athens is down over 6% right now (via mostepicnow).
According to Bloomberg, this is the biggest one-day fall since October 2008.
Anyway, the reason is simple as we explain here. The country has been thrown into turmoil, with its major parties getting crushed and taking less than 35% of the votes between them. The bailout/reform process is now in serious jeopardy.