Greek Crisis Rattles World Markets
Euro Headed Toward Record LowsOne of the biggest casualties of the continuing uncertainty in Europe is the Euro itself.
The Euro itself was in a poor position even before the latest round of drama over Greek debt. It was already suffering from the slow European recovery. The Euro is nearing record lows again versus the US dollar. If the situation in the European Union doesn't change soon, we could be looking at a Euro that's worth less than ever by the end of the week.
Banking Crisis in GreeceATMs have dried up, bank doors are shuttered, and electronic banking has slowed to a crawl. It might sound like an apocalyptic scenario, but that's exactly what is playing out in Greece today. Banking for the average citizen has been restricted in the face of the looming government default. There is still a chance that Greece might receive yet another round of emergency funding from its European lenders, but nothing is guaranteed at this point. Absent the needed funds, the Greek banking situation could collapse entirely into disarray.
Widespread Gains at HomeIn trading today, as a contrast to yesterday, the domestic markets held steady in the face of a plunging Europe. Even Asia had a better day than it did yesterday, posting mid-sized gains after a rally. Stocks here rose widely, with diverse sectors posting gains on the day. Manufacturer Pentair (PNR) lead the Dow in gains with 6.70% today. Monsanto (MON) was up 3.70% to $106.59. Blue chip online travel agency Priceline (PCLN) posted a gain of nearly 45 points to close the day at $1,151.37.
Published on Jun 30, 2015By Aaron Phillips