Greece debt crisis outweighed generally positive earnings announcements.
Although the Eurozone, IMF bailout will help keep Greece from defaulting on bonds due this month, it doesn’t solve the long-term problems that face the county. Taxes will have to rise and deep cuts will need to be made to public services in order to fix the fiscal problems. These are deeply unpopular in the country and it isn’t clear if the government will have success in implementing them. The Euro fell to a 12 month low on the news.
(news is ok, but market dig a 270 point hole)
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