Greek debt crisis: Markets dip after 'no' vote
Source: BBC
European and Asian stock markets and the euro have all fallen after Greece rejected the terms of an international bailout in Sunday's referendum.
The euro fell 0.4% against the dollar and 0.5% against the pound after the vote, which many believe could lead to Greece's exit from the eurozone.
Japan's Nikkei index fell more than 2%, while Paris' Cac 40 and Frankfurt's Dax dropped 1.5% and 1.3% respectively, a more muted reaction than forecast.
In London, the FTSE 100 slipped 0.6%.
Read more: http://www.bbc.com/news/business-33405583
Culver Shuttle
(30 posts)... but not a major upheaval either.
On any given day, some capitalist speculators take a hit no matter which way the "market" goes.
Meanwhile, there is no comfortable way forward for Greece. I just hope it doesn't result in some sort of fascist takeover.
Igel
(35,300 posts)The language of nationalism has typically been solidarity of an ethnicity against outsiders.
In the US, we see what we want. It's hard to see 9000 miles without a really good telescope, to forget that not everybody is us, that our domestic problems are not everybody's domestic problems. It often takes a lot of education of some sort to get to the point that you can "be in another's shoes"--but then when you slide to looking at another country, you have most of the learning curve again. The only part you don't have is the realization that there *is* a learning curve. Many aren't even there--"just give me a few facts, those pesky cultural traits ... pshaw! Just so much icing on the cake."
Greek socialists have been spewing the language of ethnic bias, merging it with class distinctions. While they talk of soaking the rich, their first recourse is to say they've been wronged, swindled, deprived, and cheated by them damned ferners and Greece needs to stand up to other nations. In so doing, they have the same kind of allies that those in the Donbas have: the far right parties across Europe who see European integration as stripping away national distinctiveness.
"Nazi" wasn't a random set of letters that some PR firm put together and focus-group tested. It stood for "national socialism." Hitler didn't start national socialism. It was a socialist movement, to begin with: The goal was small distributed enterprises, owned by families and small collectives, with no concentration of wealth or power and no capitalists (or, rather, everybody would be a capitalist, because everybody would own their means of production). It got combined with the Romantic idea of nationalism, because that form of socialism would be distinct by culture and enable a resurgence of folk, authentic, ethnic traditions and values. The ideologues focused on the small-producer model from the past, just as the Russian communists focused on the idea of the Russian "mir" (which in this usage doesn't mean "world," but sort of village collective; Russkii mir 'Russian world' is a giant play on words, homophonous with 'Russian village collective' and 'Russian peace' or 'pax russica').
The Nazi party refocused on nationalism when confronted with the results of WWI--betrayal by their government, not defeat. A "rally round the flag" response to what was billed as an external threat, with the internal threat not far behind in the propaganda. Religion got added to the mix, in a weird way.
Nationalist communism is obvious in Russia and the Donbas, with religion already mixed in. Tsipras gets support from socialists for his socialist rhetoric; he gets support from what some would call fascists for his chauvinist rhetoric. But, again: We only see what we want.
Adrahil
(13,340 posts)... me thinks a Grexit might already be cooked in.
my observation as well. The market wonks have already factored in a 'Grexit' into their tables.
Baclava
(12,047 posts)U.S. stocks slip early, as global markets avoid dramatic declines
After an initial steep decline, U.S. stocks rebounded in midmorning trading Monday after Greek voters soundly rejected European creditors' terms for another bailout.
Major indexes were flat by 10:50 a.m. The Standard & Poors 500-stock index and the Dow Jones industrial average were slightly negative, and the Nasdaq composite index was slightly positive.
http://www.washingtonpost.com/world/euro-stock-markets-slip-after-greece-vote-but-no-dramatic-declines/2015/07/06/d42ff6be-2279-11e5-a135-935065bc30d0_story.html