Monday, February 15, 2010
Greece Pressed to Take Action on Economic Woes
Since we recently discussed the economic situation in Greece in class, I found this article very interesting. The article discusses how Greece manipulated their statistics to conceal from the European Union the extent of their debt. Apparently, this practice is not too uncommon. Both France and Germany have falsely represented the amount of their debt in the past. In order to restore faith in the statistics, Eurostat plans to audit member countries.
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I think it is very interesting how the U.S. markets have responded and still hold potential to respond to the situation in Europe. In combination with last weeks weather, the situation in Europe caused the Dow Jones to move nearly sideways for two consecutive trading sessions, moving only about 40 points. Many people attributed this to the fact that traders were awaiting news on what the Europe had planned for Greece. Time will tell whether or not the situation in Greece will dictate U.S. market movement.
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