Tuesday, May 04, 2010

Eurozone tottering (cont.)

Greek protesters expressed their disdain today for austerity measures proposed by the government to qualify for international bailout funds. Unions marched in Athens' streets and a group broke through barricades to unfurl banners on the Acropolis.

Meanwhile, the financial world expressed its disdain for the whole EU debt mess by sending stock prices tumbling around the globe. The DOW dropped 225 points or 2%. There is growing concern that the cost of propping up all the EU's faltering economies will be more than anyone wants to afford. If so, then defaults by other EU PIIGS and beyond (Hungary?) will be inevitable and the affects will ricochet in all directions.

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