Banks will be particularly hard-hit because Greece’s financial sector needs to be recapitalized. A report in Avgi newspaper reported Athens would seek 10 billion euros (£7bn) this month for bank recapitalization.
The BBC reports:
Banks account for about a fifth of the main Athens index. National Bank of Greece’s US-listed stock has fallen about 20% while the Athens exchange has been closed.
One asset manager at a Greek fund said: “The focus will be in the bank shares – they will suffer more because their investors have to face a dilution from the [expected] recapitalisation of the sector.”
Greek banks will not be make a profit this year and are suffering from an increase in bad loans due to the crisis, the manager said.
“It would be realistic to expect a decline of about 15-20% at the opening of the market on Monday,” he added.
The entire article is here.
The European Commission expects Greece to dive back into the recession toilet right away with its sagging economy faltering by between 2% and 4%.
Greece was in recession for six years until 2014. Now it is just plain destroyed.
Photo: Possibly Maybe on Flickr
We haven’t been backed by gold since the 1971
I agree –
DUH. It going effect all of us.
Gods word tells us what will happen to humankind in the near future even though humans have spat on His word. and treated it shamefully. Remember when I said I have never seen such a blatant deception like this. Compare this link http://www.kingjamesbibleonline.org/ to this link http://www.kingjamesbibleonline.org/1611-Bible/
They both look the same except one has added the entire apocrypha. There cannot be 2 original king james bibles so why was the apocrypha which is catholic mumbo jumbo added to an historically protestant book. This is not only an outrage but it is also one of the worst blasphemes on this planet apart from someone deceiving the world and taking the place of Jesus Christ. I have since learned that Since the Bible was hand written in the centuries prior to the invention of the printing press, few copies were available and the ones that were had been derived from the textus receptus and NOT the latin vulgate of the Roman catholic kind.Prior to the 20th century, all English Bibles since Tyndale’s first New Testament (1526) were based on the Textus Receptus. This includes: Miles Coverdale’s Bible (1535), Matthew’s Bible (1500-1555), The Great Bible (1539), The Geneva Version (1560), The Bishops’ Bible (1568), and the King James Version (1611). [STORY OF OUR ENGLISH BIBLE, by W. Scott
i heard something about the market will fall, and the dollar will be no good ,thats what they have said to buy gold
It will be every whete
Progressivism has failed. The We Know Best Crowd has failed. Big controlling intrusive government has failed. We tried it and it sucks. If we called Progressivism by it’s real name, Marxism, maybe we would recognize what it really is. Marxism always brings oppression and poverty to the people while a handful of elites live like kings. It is just modern day serfdom. The plunge was caused by the Fed pumping 4 Trillion dollars worth of easy money into the Stock Market and not making the easy money available to Main Street. Main Street needs to be healthy for Wall Street to be healthy. Wall Street success was artificially enhanced by the Fed and it did not reflect Main Street stagnation. China lit the fuse to the bubble. Government caused the recession and government is keeping the economy from recovering. We need to find and vote for courageous and honorable leaders who will take the power of interference from incompetent and corrupt politicians and bureaucracies. They have regulated, coerced and taxed our economy into failure and stagnation. Three things are needed. We need to replace our tax code with a 10% consumption tax on all goods and services including exports. Add a 10% business/corporation tax. Everyone pays to support our government–all citizens, immigrants, visitors, foreign student and foreign consumer. Welfare programs remain in place to help those that need them. As a whole, Americans save billions in compliance costs and the government increases it’s revenue. Remove the costly crony corrupt, unjust and corporate welfare tax code from Washington’s corruptive hands. Number Two. Get rid of most of Dodd Frank–reform, replace and simplify. Number three. Take each bureaucracy cut the waste and fraud, make it run in an efficient , fiscally sane and just manner. Reduce it’s size, starting with a no new hire policy. It is government, it is our career politicians, it is the bureaucracies that are destroying our nation. It is time to cut government and bureaucracies in half, balance our budget and pay off the nation killing debt. Best of all, America goes back to work–full time, good paying, medical and educational benefits, job WORK. Work that allows the upward mobility and life improvements to all Americans. Other nations should rethink their abusive marxist governments too.