Still, when Americans 401(k)’s lose 5% of their value in only two days because of the Greeks, it is more than annoying. Even more annoying, there is almost nothing the U.S. can do. Europe was late dealing with the problem but is now doing a credible job. Greece is the problem.
Now, the Greek tragedy is morphing into a Greek comedy . . . almost. Yesterday, the EU told Greece you get no more cash until this insane referendum is over, and the Greek government accepts the handout, along with the new austerity programs. It is pure power-politics, as Greece is not thought to have enough cash to survive until the referendum. Overnight, the Greek finance minister broke with the prime minister, who proposed this referendum. Two other ministers have broken with the prime minister, who is now unlikely to win the no-confidence vote tomorrow
So . . . then what?
At 3AM, Dow futures were down 162 points but up 53 at 7AM, reflecting the worldwide confusion.
When is enough . . . enough?