Go PNAStrong US futures guys is shielding off a bigger then...

Go PNA

Strong US futures guys is shielding off a bigger then excepted fall on the ASX today guys. But that means the US has to deliver tonight, if it doesn't we will have a red to large red day again tomorrow depending how well over seas performs tonight is my call.

Some thoughts all.
Unbelievable all this Greece mess. look I sure there's some hard working Greeks over there :-) but so many Greeks just have no commitment to anything other than corruption and sitting on their arses

Greece giving the people a referendum on the austerity measures has got to be the most stupid thing Greece could do. No wonder they are in the problem they are. It blows all the wind. the confidence that was built up last week to

It appears to be that when Europe does something silly, the stock market and bond holders say the consequences of this action is falling stock prices and higher interest. This has happened a few times and yet they still do not get the message.
The Germans must be furious. kind of sums it all up really.
It must really be trying the Germans patience - trying to teach the Greeks to act prudently instead of being frivilous with the purse strings. I would love to hear what Merkel had to say when she found out about the referendum. l

Greece giving the people a referendum on the austerity measures has got to be the most stupid thing Greece could do. No wonder they are in the problem they are. It blows all the wind. the confidence that was built up last week to.

Italian 10 year bond yields jumped to 6.17% last night. It is looking increasingly likely that Italy will have to issue new debt and lots of it (400 billion minimum) over the next 12 months at higher and higher yields significantly increasing their cost of debt. Since the package was announced last week the Italian yileds have jumped around 30 basis points.

It may get worse for Europe. The stability fund at 1 trillion Euros seems to small to deal with Italy.

Italy and Spain had longer debt maturities than Greece so will the focus slide from one to the other ? I haven't reviewed it recently but I recall Spain has a lot of debt to roll over in 2013.

Cheers.