EuroCrisis

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A number of comments this morning on Squawk Box about Europe and the near term future. No videos posted on the website yet but jist was that they are showing great skill at kicking the can down the road. One gent outlined what will happen to a country such as Greece if it were to exit the Euro. Chilling list of events for a society but understandable.
 
http://video.cnbc.com/gallery/?video=3000062023 This was one market commentator in Europe explaining the tension between the ECB and national political leadership. Another talked about the suddenness with which the markets change. At present ECB is only going to print money if necessary to price-stabilize the secondary bond market. Seems like deja vue all over again.
 
Euro Plunges, Stocks Crumble On, Wait For It, Headlines Out of Europe.

http://blogs.wsj.com/marketbeat/201...umble-on-wait-for-it-headlines-out-of-europe/

The euro is falling hard now, recently breaking through $1.31 for its second straight collapse in two days, falling recently to its lowest level since January. It was just below $1.34 when trading began Monday morning.

The US stock market is falling accordingly. The Dow, once up in triple digits, is now up about 17 points. The Nasdaq is in the red. The S&P 500 is just above break-even.
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I've been laughing for weeks at Cramer and his DEFCON. DEFCON 4=At War. DEFCON 3, 2, 1 are stages below actual conflict. Now he's not only gotten the order reversed, he's added one. He could have coined his own for EURCON.
 
Warrenlm said:
I've been laughing for weeks at Cramer and his DEFCON. DEFCON 4=At War. DEFCON 3, 2, 1 are stages below actual conflict. Now he's not only gotten the order reversed, he's added one. He could have coined his own for EURCON.
Click to expand...

Has Cramer EVER been right about anything? Oh yeah, he is always right AFTER something happens.
 
[h=1]Europe Crisis Tracker[/h]Link

I've posted this link since Newsfeeder wants to post 1,000 stories about it.

One stop shopping and dates to be wary of in the future.:suspicious:
 
As the UK is closed today for the Silver Jubilee, we are not getting their response to last Friday yet... that will likely weigh in on tomorrow's market and take us lower again. I think we are headed down further...
 
17 June 2012 Last updated at 14:14 ET

Greek conservatives New Democracy 'in narrow poll lead'
Greece's right-wing New Democracy party has a narrow lead over its left-wing rivals after parliamentary elections, exit polls suggest.
New Democracy, which broadly supports a European bailout deal, was one to two percentage points ahead of Syriza, which opposes the measure.
The outcome could decide Greece's future inside the euro.
If the exit poll is correct, New Democracy should be able to build a majority coalition.
But the BBC's Matthew Price in Athens says the government will be relatively weak, and will seek to change the terms of the bailout.
The election was the second in six weeks, called after a 6 May vote proved inconclusive.
On that occasion, each of the main parties tried but failed to form a coalition government.
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BBC News - Greek conservatives New Democracy 'in narrow poll lead'
 
HOW will the Markets react Monday morning?:cool:
Pro-bailout conservatives win Greek election

Published June 17, 2012
Associated Press


ATHENS, Greece – The conservative party that backs keeping Greece in the eurozone won the country's national election Sunday and immediately proposed forming a pro-euro coalition government — a development that eased, at least briefly, deep fears that the vote would unleash an economic tsunami.
As central banks stood ready to intervene in case of financial turmoil, Greece held its second national election in six weeks after an inconclusive ballot on May 6. The vote was seen as crucial since it could determine whether Greece would leave the joint euro currency, a move that would have potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy.
With 66 percent of the vote counted, official results showed the conservative New Democracy winning 30.1 percent of the vote and 130 of the 300 seats in Parliament. The radical anti-bailout Syriza party had 26.5 percent and 70 seats and the pro-bailout Socialist PASOK party came in third with 12.6 percent of the vote and 34 seats.


Read more: Pro-bailout conservatives win Greek election | Fox News
 
I would presume markets will rally, not because of Greece, which is a tiny, tiny economic bubble overall, but rather because of what happened today in France, which is a relative economic powerhouse in the overall European market-

Socialists’ Parliamentary Victory Buttresses Hollande’s Power


PARIS — President François Hollande’s Socialists and their allies won an absolute majority in runoff parliamentary elections on Sunday, strengthening the hand of Mr. Hollande both at home and in Europe, where he is pressing for less austerity and more growth in the face of a deepening recession.

He will travel to the Group of 20 summit meeting in Mexico on Monday with his authority reinforced as a spokesman for the European left and a proponent for economic stimulus and job creation.
Mr. Hollande will also be able to keep a Socialist government and pass legislation with little difficulty, without having to rely on the far left, which is more antagonistic to the European Union. Nor will he need to rely on the support of the Greens.
According to projections from partial vote counts, the Socialists’ parliamentary bloc obtained 296 to 321 seats — considerably more than the 289 needed for a majority in the National Assembly. The Greens are expected to win 20 seats, and the far left is likely to take 10.
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France will steer away from the austerity of the previous governments, and will boost the economy with government stimulus. Markets should like that. We'll see.



http://www.nytimes.com/2012/06/18/world/europe/french-socialists-win-majority-in-parliament.html

CAC futures now up 1.82% on the Socialists victory.
http://www.forexpros.com/indices/france-40
 
James48843 said:
I would presume markets will rally, not because of Greece, which is a tiny, tiny economic bubble overall, but rather because of what happened today in France, which is a relative economic powerhouse in the overall European market-



France will steer away from the austerity of the previous governments, and will boost the economy with government stimulus. Markets should like that. We'll see.



http://www.nytimes.com/2012/06/18/world/europe/french-socialists-win-majority-in-parliament.html

CAC futures now up 1.82% on the Socialists victory.
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It appears thar France is basicially Going to double down on the same type of economic policies that got Europe in trouble in the first place. The stimulas will be to create more government Jobs and programs while raising TAXES to pay for it. Dung_beetle.gif
 
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No real surprise on France. They, along with most of Europe and the UK have been pretty much socialistic for years.

The main concern is now what do I do with those Drachmae I have had since the early 80s?

Yes, the plural was Drachmae when I got there but officially changed to Drachmas by the time I left. So I suppose I have both.

Anyone know what a Πίτα Σουβλάκι goes for at a street stand these days?

One thing you can be assured of, the market will go up or down on European news.
 
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