Strap in folks, the slow motion train wreck we have been watching since 2006 is picking up speed. The DOW dropped 213 points yesterday in response to Greece and Portugal’s credit rating changes and Goldman Sachs all over the news in front of Congress. The dominoes of teetering governments that Basil, the IMF, the WB, The Fed, and the other usual suspects have been trying to keep upright are now gently rocking. So far, the only person who appears to have their head screwed on straight is Angela Merkel, Germany’s Chancellor.
(Reuters) – Fears that a planned rescue of Greece could stall and extend the financial crisis to other euro zone countries hit European markets on Wednesday as investors worried that Athens may default on its debt.