Markets Dive on Greek Referendum
November 1st, 2011Via: BBC:
US and European markets have fallen following Monday’s announcement of a Greek referendum on the latest aid package to solve its debt crisis.
Eurozone leaders agreed a 50% debt write-off for Greece last week as well as strengthening Europe’s bailout fund.
But the Greek move has cast doubt on whether the deal can go ahead.
New York’s Dow Jones fell 2% on opening. London’s FTSE 100 was down 3%, while the Dax in Frankfurt and the Cac 40 in Paris were down about 5%.
Shares in banks saw the biggest falls, with Societe Generale falling 16.9%, BNP Paribas down 14%, Credit Agricole down 12.9%, Commerzbank falling 10.7%, Deutsche Bank down 10.3% and Barclays 10.5% lower.
German Chancellor Angela Merkel is due to discuss the Greek announcement with French President Nicolas Sarkozy on the telephone.
Italian Prime Minister Silvio Berlusconi said it was “an unexpected decision that generates uncertainties”.
I raised a pumped a clenched fist into the air this morning when I heard that Papendraeo (sp) was taking a vote from the PEOPLE OG GREECE re this bailout. I think this is so wonderful for the people of Greece!! I do, I do, I do.
Yes, and surely the markets would tumble. DUH! Imagine that! Putting the bailout to a vote! I don’t know if that is democracy or what, but is sure damn better than having a bail out of American banks by American people proverbial shoved and shafted on us without any say in the matter at all.
NICE!! I Love IT!!!!