It appears more and more likely that concerns about the future of Greece will depress equity markets worldwide. Politicians in the country have not been able to set a coalition government, despite several efforts. The chance the Greece will withdraw from the eurozone has heightened as new elections may be called in a matter of days. Those elections could be a month off.
Chances are that politicians who reject austerity measure as a means to gain financial aid will do extremely well. The relationship of the southern European country to its neighbors is in limbo. But, the actions of such a small nations have pulled down stocks in Asia, Europe, and the EU and continued to do so today. Most major indexes have fallen the great majority of the days in the last two weeks.
Part of the cause for the sell-offs may be concerns about a global economic slowdown, but each piece of news from Greece is the trigger for additional lack of belief in equities.
Douglas A. McIntyre
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