Will the markets panic monday after insanity in Greece?

[hal]

Anyone following the situation in the EU and Greece? The EU & IMF has been demanding extraordinary austerity measures as condition of huge economic bail out packages.

The first one was insufficient so a second was set up - with even greater austerity conditions applied. Greece agreed, then decided that it should be voted by the population. The EU, IMF and markets worldwide went nuts over that news and Greece relented. NOW they have decided to put to a parliamentary vote.

Athens is rioting - sending the message to parliament that they've had enough austerity. Recent news that studies have shown the austerity programs have choked the economy so much that growth is impossible isn't making this any easier. The economy is contracting, wages are falling, unemployment is soaring. YIKES!

They WILL be bankrupt next month without a large infusion, but will this be anything more than a short term fix?

[Chakravartin]

I think that there will be the usual dip in the market. Not any big bumps.

The real negotiation deadline is in 2 weeks.

[mattkime]

Greece is screwed on so many levels. it will be fascinating to see how it get fixed.

for instance - 1/3 of taxes owed are never collected.

http://www.npr.org/blogs/money/2012/01/0...ave-greece

[OWC Jamie]

I'm more concerned with the characterization of the EU recession predicted for this year ."Very minor" seems to have been replaced with minor more and more often.

[hal]

phew - the measure passed in Athens...

No world wide meltdown tomorrow...

BUT, I just don't see how such a severely choked economy is gonna grow and pay back debt...

20% of ALL civil service jobs just evaporated with this vote...

[haikuman]

I would like to see the USD recover a little *(:>*

[Lux Interior]

haikuman wrote:
I would like to see the USD recover a little *(:>*

The dollar has been getting stronger over the last 6 months. As someone who can gain/lose hundreds based on the exchange rate, I like to keep an eye on it!

The market has had a pretty good run since the lows of October. Probably due for a little correction and what better excuse?

[haikuman]

Lux Interior wrote:
[quote=haikuman]
I would like to see the USD recover a little *(:>*

The dollar has been getting stronger over the last 6 months. As someone who can gain/lose hundreds based on the exchange rate, I like to keep an eye on it!

The market has had a pretty good run since the lows of October. Probably due for a little correction and what better excuse?
I follow it also Lux, actually for the las 4+years. When I came to the RPI I was getting 51pesos/per $1.
The current exchange rate is p42.45 to $1 it has been sliding for the last 3 months. Then 2yrs. Then 5yrs.

http://finance.yahoo.com/q/bc?s=USDPHP=X&t=3m&l=on&z=m&q=l&c=

http://finance.yahoo.com/q/bc?s=USDPHP=X&t=2y&l=on&z=m&q=l&c=

http://finance.yahoo.com/q/bc?s=USDPHP=X&t=5y&l=on&z=m&q=l&c=

[mrbigstuff]

Europe is going to fall on hard times. Stuff yet to truly hit the fan there, so expect another round of "recessionary" cuts which will affect our improving economy.