Greece was given an aid package by EU-IMF to contain any contagion effects but looks like it has failed miserably.No one knows how this one will play out whether the Euro will be dissolved or the countries in question will default\/haircut or something new which no one has thought of yet . The\u00a0 huge amount of uncertainty is hammering the markets and making the VIX vault to incredibly high levels though nothing near the Sept 2008 levels. VIX is up almost 100% in 2 days , while Oil is down almost 15% in the last week. Gold is the only commodity which is going up whilst the others wilt in the face of the Greek debt onslaught. If this is not a contagion it is very close to one. G7 ministers are supposed to talk today but don’t know what they can do to solve a problem over phones. WE LIVE IN INTERESTING TIMES<\/p>\n
Global stocks tumbled, with U.S. benchmark indexes erasing gains for the year, while Treasuries rallied after Europe\u2019s debt crisis spurred a market rout yesterday that undermined confidence in financial trading mechanisms. The dollar strengthened and oil slid 2.5 percent.<\/p>\n
The Standard & Poor\u2019s 500 Index fell as much as 3 percent to 1,094.15 as of 10:41 a.m. in New York, extending its tumble from this year\u2019s high in April to more than 10 percent. The MSCI World Index sank 2.9 percent and the Stoxx Europe 600 Index plunged 4.5 percent to the lowest level since November. The 10- year Treasury note\u2019s yield slipped six basis points to 3.33 percent. Greece led a drop in bonds of debt-laden nations, with the 10-year yield premium demanded to own the securities instead of benchmark German bunds rising to a record 944 basis points.<\/p>\n
\u201cThere\u2019s lack of confidence,\u201d said Keith Wirtz, who oversees $18 billion as chief investment officer at Fifth Third Asset Management Inc. in Cincinnati. \u201cWho wants to go long over the weekend? Europe is suffering the consequences of a deterioration in confidence. And over here, when I read about the computer glitch, I just felt intimidated.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Greece was given an aid package by EU-IMF to contain any contagion effects but looks like it has failed miserably.No one knows how this one will [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","footnotes":""},"categories":[70],"tags":[1311,1373,1802,1803,5264,5775],"class_list":["post-25054","post","type-post","status-publish","format-standard","hentry","category-world-markets","tag-crisis","tag-debt","tag-eu","tag-euro","tag-stock-market","tag-volatility"],"_links":{"self":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/25054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/comments?post=25054"}],"version-history":[{"count":0,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/25054\/revisions"}],"wp:attachment":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/media?parent=25054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/categories?post=25054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/tags?post=25054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}