If there is one thing to learned from America's experience 2 years ago, it's
- Greece’s securities regulator banned short selling on the Athens stock exchange for two months from today after shares slumped yesterday and Standard & Poor’s Ratings Services downgraded the nation’s credit rating to junk.
- “The Capital Markets Commission, taking into account the extraordinary conditions prevailing on the Greek market, decided a ban on short selling on the Athens exchange,” the Athens- based Hellenic Capital Market Commission wrote in an e-mailed statement today. The ban is effective today through June 28, it said.
- The ASE benchmark general index dropped 6 percent yesterday, the biggest one-day slide since December, and Greek banks, the worst performing shares on Bloomberg’s European banking index this year, may face further declines after Standard & Poor’s cut their credit ratings along with the nation’s on concern over Greece’s funding crisis.
- S&P, which also lowered Greece’s sovereign rating to junk, said the banks are at risk from the country’s “deteriorating credit quality” because of their holdings of government debt. Their asset quality and profitability will remain under pressure as the economy contracts and drives up loan losses, S&P said.
If only these rogue Germany taxpayers would get with the program and hoist debt upon their grandchildren to help pay for the largess in Greece (then Portgual, then Spain) this would not even be an issue. What is wrong with these fiscally conservative folk?