If you like to follow business news, Zero Hedge is an excellent web-site. Interesting articles you won't find in main-stream media. http://www.zerohedge.com/
Today Zero Hedge has a slew of articles about the problems in Greece and Europe. Here is a recap of what they are saying now:
Futures Break 1,160 On Euro Freefall
Submitted by Tyler Durden on 05/05/2010 08:30 -0500
At last check the ES was just at 1,160 after briefly dropping lower. The primary factor for the market drop is the complete panic that is gripping Europe. And here we were one month ago with supposedly intelligent people saying get Greece off the front-page because it is now "boring" news. When Greece restructures its debt in a few weeks, the euro hits parity, European banks are forced to recognize $150 billion in GGB losses, Portugal, Spain and Italy CDS are all at 400, major re/insurance companies are facing liquidity crunches, our insistence on keeping Greece front and center may prove to have been the correct one after all.
STUPID Nations See Risk Surge To Post March 2009 Highs
Submitted by Tyler Durden on 05/05/2010 07:58 -0500
The prophetic STUPID sovereign index (Spain, Turkey, UK, Portugal, Italy, Dubai) is now at 250 bps, having surged by over 50 bps in a few days. At this rate we may soon take out the 370 bps all time record high last seen when the world was ending in March 2009. Alas, with the IMF and the ECB's total failure to prevent contagion, this is more than a distinct possibility.
Euro In Free Fall: EURUSD Plunges To 1.2880, Goldman Stoking EURUSD Fire
Submitted by Tyler Durden on 05/05/2010 07:44 -0500
The Euro is in free fall. And Goldman Sachs is not helping, as the firm reiterates it has a core short position on EURUSD. Alas, Goldman's 1.2880 support level was just taken out. Watch out below.
Bank Holiday For Greek And Portuguese Bond Market, Portugal CDS Explode 60 bps Wider At 400
Submitted by Tyler Durden on 05/05/2010 07:28 -0500
The bond market in Greece and Portugal is now rumored to now be shut down for the day due to total chaos, not to mention potential imminent revolution in Athens. We expect the US to "decouple."
Moody's Puts Portugal Aa2 Rating On Downgrade Review - Full Text
Submitted by Tyler Durden on 05/05/2010 07:25 -0500
Today's rating action reflects the recent deterioration of Portugal's public finances as well as the economy's long-term growth challenges. "The review for possible downgrade will consider a repositioning of Portugal's ratings to reflect the potentially lasting deterioration in the government's debt metrics," says Anthony Thomas, Vice President-Senior Analyst in Moody's Sovereign Risk Group. "In the context of a small and slow-growing economy, such debt metrics may no longer be consistent with a Aa2 rating." The weakening of Portugal's public finance position reflects the failure of successive administrations to consistently limit government budget deficits since Portugal joined the eurozone at its inception. "More recently, however, the government's has reiterated its objective to achieve or even surpass the deficit reduction targets published in its latest Stability and Growth Programme," says Mr. Thomas. "The well-structured debt profile means that refinancing risks are modest."
Greek Attempt To Storm Parliament Rebuffed, 3 People Dead At Greek Bank Fire - The Revolution will Be Webcast
Submitted by Tyler Durden on 05/05/2010 07:18 -0500
For those without access to CNN or BBC, you can watch the attempted storming of the Greek parliament live at this webcast. After confrontations got heated earlier with tear gas hot potatoes being thrown between citizens and riot police, things have moderated somewhat now, although riot police has still completely encircled the parliament building. Full link here. In the meantime, we are seeing confirmed reports that 3 people have died after a firebomb went off at a Marfin bank branch.