Spreadex Market Update
Euro markets open lower
Investors are clearly disgruntled with the lack of direction over solving the Greek debt crisis and the fact that negotiations have yet to properly start over America’s fiscal cliff is proving another reason to avoid risk-on assets.
Despite these concerns, bulls have been provided with some ammunition following the announcement that Eurozone ministers have given Greece two more years to meet its austerity targets.
However, finance ministers have delayed releasing the next tranche of bailout funds which is a clear sign that Eurozone officials are not completely satisfied with the Greek parliament’s handling of their finances.
More worrying, reports have been released that without the funds, Greece will run out of money within a matter of days.
Thus, if this proves to be true and Greece is once again denied aid at the next bailout fund meeting on the 20th of November, then the worse-case-scenario of Greece going bankrupt could quickly become a reality.
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