There are two stories today with Germany and Greece.
First, a media group went out and surveyed Germans....to find that fifty-seven percent of Germans absolutely think giving loans to Greece is a mistake.
In fact, they found on thirty-three percent who favored the action.
Political parties? They are watching this....but it's a difficult decision to back out of this deal. and remember...Germany and France are the only two countries that could both pop out $15 billion each....to help cover the situation. The rest of the EU might be able to find $10 billion total to contribute.
The second story? Credit groups downgraded the Greeks to junk bond status. The entire EU banking industry is likely sitting there tonight and trying to gauge where things go tomorrow morning. I'm predicting a two-percent drop across the entire European investing sector tomorrow....and the Euro will fall against the dollar (not exactly a bad thing).
If I were a Greek citizen....I'd start to look at my banking sector and wonder if my money is secure and if they can cover my use of my own capital.
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