Greek Prime Minister Promises Stimulus For Ordinary People As Markets Tumble

Greece Sees Markets Tumble As Financial War Games Have Begun

As markets experience a value adjustment in the wake of understanding the repercussions of a potential Greek debt haircut, it is the Greek markets, the potential defaulter of debt, who is being punished, not stock markets of the creditor who may be left holding the bag of responsibility.

Greek five-year bond yields jumped to 13.5 percent, reflecting default risk in their pricing, while the Athens Stock Exchange (ASE) was down near 10 percent. Banking shares, in particular, were hardest hit, down over 26 percent as wave after wave of financial attacks against what is now being viewed as a rogue political party takes control. Other European stock indexes...