Wednesday, May 05, 2010


I am sure that you have seen the reports of the demonstrations in Greece today. Yes, it is tragic that three bank employees (2 women, one man) lost their lives by suffocation in the fire. And we will see that as headlines for the most part over the rest of today.
What happens next is critical because of Greek demonstration history. This could break one of two ways – collective national horror over the deaths and so a dampening of the protest, or something far worse than we are seeing today. Already, other unions have called for more national strikes tomorrow. Today’s demonstrations were not limited to Athens despite what you will see and read. They extended to Thessaloniki, which I believe is Greece’s second largest city – if not 2d, it’s one of the largest. There was widespread damage there to shops and businesses, as reported by the few Greek newspapers adding content in Greek or English to their sites today – all of the reporters in Greece joined in the strike today, and we will have to see if they are back tomorrow.
This is rough translation of one of the only stories coming out of Greece today – from Greek reporters – about how things are going. This, along with a photo outside the bank that was burned, likely will be on front pages all over Greece tomorrow if the papers go to press. In assessing what’s going on, it’s as important to watch the economics and the financial news as it is to imagine how this is going to play with the Greek people.

I would still put the whole matter in the “extremely volatile” category, not just in Greece, but throughout the PIGS and the rest of the euro zone.
From Ta Nea:

“New 3.91% dip made today by general price index of the ASE and stood at 1662.10 points and intensifies the fear of "domino effect" across southern Europe from the Greek crisis. Big rise and spread of Greek bonds, which exceeded 780 basis points. Plunge and the euro, which was found today at a low of 14 months at the rate against the dollar to fall below 1.28.

Since the shares have negotiated 26 shares strengthened, 160 recorded losses and 35 remained stable. The turnover stood at 247.28 million euros. The shares of National Bank closed at 10.65 euro loss 1.84%, Alpha Bank at 5.05 euros to 3.81% loss, Piraeus to 4.88 euro lost 2.20% and Eurobank in 5 euro lost 5.66%.

Fears of domino effect in the euro area by the economic crisis in our country and the unprecedented events in Athens sank the stock markets, the euro dropped and fired soaring borrowing costs in Greece, Spain and Portugal are the weakest links in the European Union .

The Athens Stock Exchange dropped to 2% before the attacks was found to lose 6% and finally ended with a drop 3.91% to 1662.1 points is the lowest year. Madrid, Lisbon, London, Paris and Frankfurt closed with a drop

Fears that the Greek government may face resistance to implementation of tough austerity measures adopted to obtain the assistance of 110 billion from the European Union, the IMF and the warnings of leading European politicians and bankers to risk dominoes in the euro area, sink euro.”

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