While the headlines say that a new agreement has been reached by Greece’s political leaders, you should be guided by their past behavior. In other words, it ain’t over ’til it’s over. From Bloomberg:
Greece will pledge permanent spending cuts, including lower pension payments and a 20 percent reduction in the minimum wage, as the [...]
Today’s market collapse is reacting to a continuing stream of bad news, but the capper today was the Eurozone Market PMI (Purchasing Managers Index) which fell below the 50 mark for the first time since July, 2009. Anything below 50 indicates declining activity.
Add to that World Bank President Robert Zoellick’s comment that the world’s major [...]