Courtesy of Mish.
After rallying on every bit of warrantless hope lately, today the stock markets continued there merry way: down.
This is likely due to the fact that China is far more important globally than Greece, and for the first time in a while, there are a couple of simultaneous crises: One in the eurozone, and one in China.
The real panic party starts when the US gets into the act with another recession or even a slowdown from the second quarter GDP bounce.
Meanwhile, we have another “final chance” for Greece to do the wrong thing: accept another bailout and deepen its recession.
The latest “final” deadline is Sunday. It follows numerous “final” deadlines over the past month.
We Really Mean It This Time
Christian Noyer, head of the Banque de France and a member of the ECB’s decision-making governing council, said “It is the final deadline, afterwards it is too late. I fear that if there is no agreement on Sunday the Greek economy will collapse and there will be chaos.“
There does seem to be an “air of finality” this time because Greek banks are insolvent, flat out of cash.
Then again, I don’t think the real dealing begins until after Greece is forced out of the eurozone.
Majority Believe Grexit Will Happen
And for the first time ever, a majority of people polled feel that Grexit is the likely outcome.
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