Is This Crisis About To Send The World Into Turmoil?

Wednesday, January 28, 2015
By Paul Martin

KingWorldNews.com
January 28, 2015

As the crude oil market continues to struggle and worries about Europe intensify, today one of the legends in the business sent King World News a warning about a developing crisis that could send Europe and the world into turmoil.

Portion of Art Cashin’s note today: Greek Markets In Turmoil – Things in Athens continue borderline chaotic. The Greek stock market is down the equivalent of 2500 Dow points since Friday. Here’s a nice synopsis from my friend Peter Boockvar over at the Lindsey Group:

Any thought of pragmatism from the newly elected Greek government is quickly being thrown out the window. But, when you elect Marxists, this I guess is what you get. Greek capital markets are under major stress again today as they are losing faith that the negotiated process from here on with debts and budgets will go smoothly.

The Athens stock market is down by another 8% and lower by 14% in just 3 days. Greek banks are down by 17-20% today alone. The 3 yr note yield is higher by 295 bps to 16.98% vs 10.1% as of Friday’s close. Greek 5 yr CDS is wider by 40 bps and has risen by 400 bps over the past three days. Alexis Tsipras held his first cabinet meeting today and pledged four priorities: 1)a return to dignity for the Greek people, 2)help the economy, 3)renegotiate Greek debt, 4)Get rid of corruption in government.

The Rest…HERE

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