Shock waves from Greek debt rolls across the world and strikes the DOW


May 6, 2010

Shock waves from Greek debt rolls across the world and strikes the DOW

The Greek parliament approved a harsh austerity plan on Thursday in the face of violent unrest, as European Central Bank inaction pushed down global markets fearful a debt crisis will engulf the eurozone. Shock waves from a crisis in a relatively small European economy spread far beyond the continent, with Wall Street falling and the Federal Reserve expressing concern about potential consequences for the U.S. economy itself.

On the markets, the euro slid against the dollar and tumbled against the yen after the ECB President Jean-Claude Trichet failed to offer any new measures to ease Greeceā€™s debt crisis, while stock prices tumbled around the world. Greek police fired tear gas to repel stone-throwing protesters after lawmakers approved drastic austerity cuts Thursday needed to secure international rescue loans worth $140 billion.

Publisher: Salient News


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