A new economic quarter begins Monday, but world markets aren’t turning a new page: They continued their long slide, with Hong Kong’s Hang Seng Index down to its lowest point since May 2009 and Europe’s Stoxx Europe 600 Index continuing to tumble after its worst quarter since 2008. The source of the spooks is Europe’s debt—particularly that of Greece. On Sunday, the Greeks announced that they would axe 30,000 public-sector workers and that the government would not reach the deficit targets set as terms of their bailout by the EU and IMF.
Monday, October 3, 2011
Global Markets Tumble
Global Markets Tumble as Greek Mess Gets Worse
A new economic quarter begins Monday, but world markets aren’t turning a new page: They continued their long slide, with Hong Kong’s Hang Seng Index down to its lowest point since May 2009 and Europe’s Stoxx Europe 600 Index continuing to tumble after its worst quarter since 2008. The source of the spooks is Europe’s debt—particularly that of Greece. On Sunday, the Greeks announced that they would axe 30,000 public-sector workers and that the government would not reach the deficit targets set as terms of their bailout by the EU and IMF.
A new economic quarter begins Monday, but world markets aren’t turning a new page: They continued their long slide, with Hong Kong’s Hang Seng Index down to its lowest point since May 2009 and Europe’s Stoxx Europe 600 Index continuing to tumble after its worst quarter since 2008. The source of the spooks is Europe’s debt—particularly that of Greece. On Sunday, the Greeks announced that they would axe 30,000 public-sector workers and that the government would not reach the deficit targets set as terms of their bailout by the EU and IMF.
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