Wall Street Journal
December 13, 2011
This flew under the radar a little bit because we were all waiting with bated breath for the pulse-pounding thrills of the latest FOMC statement, but apparently Greece’s economy is in even worse shape than realized.
“Who could possibly have foreseen that?” asked no one.
Nevertheless, it might be knocking the euro for another loop, although it’s tough to separate out the various actors hammering on the euro today, including the overarching sense of disappointment with last week’s EU summit, the results of which are crumbling as we speak. Recently the euro was down to $1.3026 against the dollar, near its low for the day and pushing critical technical levels.
There’s also the market reaction to the Fed decision to consider — that might have pushed traders into dollars, further hurting the euro.
In any event, the euro’s pain is spreading to US stocks, which have recently turned negative.
This “news” has been discovered and reported by the bean-counting minions of the Troika, who have taken on the thankless task of hanging out in sunny Greece in winter to make sure it’s holding up its end of the bailout bargain by getting its fiscal house in shape.
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