US Stocks Crash Over Greek Finance Fears

[hah]

US markets have plunged as Greek lawmakers approved tough austerity measures aimed at tackling the country's debt. At one point the Dow Jones Index fell 998.5 points, the largest points fall in its history. It quickly recovered to a loss of 505 as fears increased that Greece's debt problems would halt the global economic recovery.

But observers questioned whether a technical glitch could have triggered the market chaos.

The US Treasury says it is monitoring the situation and is keeping the President informed of developments.

Earlier demonstrators and police clashed outside the Greek parliament building in Athens after the government voted for tough austerity measures.

Riot police have been firing tear gas at stone-throwing youths while other protesters tried to light fires around the parliament building.

No injuries or arrests have been reported.

Around 30,000 protesters gathered as the politicians voted for the cuts,demanded by the EU and IMF in return for a massive £95bn bail-out loan.

http://news.sky.com/skynews/Home/Wor...erity_Measures

I think giving all this money is stupid, Ireland is knee deep in **** just like Greece and we had to borrow 1.2billion or something like that to help them ;/

[Jordy]

This wouldn't have happened under the Greek Drachma, but now there's the Euro it's a whole different story. Greece only makes up 2.5% GDP of the EU, yet it has managed to destabilise the whole Euro and therefore the world economy.

[alexxxxx]

This wouldn't have happened under the Greek Drachma, but now there's the Euro it's a whole different story. Greece only makes up 2.5% GDP of the EU, yet it has managed to destabilise the whole Euro and therefore the world economy.

they lied about their economy when joining the euro and expected north europe's economies to carry them. they are useless. my greek friend said that in greece, you get jobs on who you know and not what you know and that the government are terrible.

their fiscal problems are to do with their inability to run their country properly. i read an article in the times showing their stupidly generous state pensions and other social securities.

[-:Undertaker:-]

Let us not forget Spain, Italy, Ireland and Portugal who are also on the edge of abyss.. the failed single currency, need we say more?

[alexxxxx]

Let us not forget Spain, Italy, Ireland and Portugal who are also on the edge of abyss.. the failed single currency, need we say more?

it isn't that, it's their stupid governments. being out of the euro would definitely help them now - but the reason for the problems that they are in have little to do with the euro.

[Jordy]

it isn't that, it's their stupid governments. being out of the euro would definitely help them now - but the reason for the problems that they are in have little to do with the euro.

Indeed but from I understand they have been able to borrow more since joining the Euro which is the core of their problems along with terrible governments?

That's my point about the Euro, all it takes is one fairly small county to go to the IMF and it drags down everyone else in the Euro. Germany for example is doing quite well compared to other European economies I believe yet they're having to help bail out all these other countries when they wouldn't have to contribute so much if they still all had their individual currencies.

[-:Undertaker:-]

The economies of Greece, Spain and Portugal are totally differing from the economics of France, Germany and other Eurozone nations. The fact they tried a single currency on countries with totally different economies was a disaster in themselves, and as you say correctly couple it with the socialist-style government Greece has had over the past decade or more - it was a recipe for disaster.

[alexxxxx]

The economies of Greece, Spain and Portugal are totally differing from the economics of France, Germany and other Eurozone nations. The fact they tried a single currency on countries with totally different economies was a disaster in themselves, and as you say correctly couple it with the socialist-style government Greece has had over the past decade or more - it was a recipe for disaster.

differing economies isn't a problem per se, as long as the trade cycles are very similar. greece's stupid (compare them to ours for heaven's sake) social policies are very bad. the lack of proper regulation of government spending is a problem. if greece were to pull themselves from the euro, their currency would collapse in a matter of days. theyve lied and cheated and feeling the pain

[HotelUser]

This was all over my TV news today. My dad was watching it. I guess he had some investments in some companies in DOW.