Euro Crisis : Oil Falls, Greeks Strike

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A stronger dollar and a weaker euro saw Brent crude oil fall more than $1 this morning after the Bank of Spain said Spain’s gross domestic product fell at a “significant rate” in the third quarter.

Comments by Federal Bank official Charles Plosser late yesterday saw the QE3-inspired risk rally screech to a halt.Meanwhile, Greece was back in the spotlight this morning, massive strikes causing chaos to the country’s transport and health systems. Plosser said QE3 was unlikely to boost economic growth, his opinion causing markets to slump overnight. Meawhile, the ECB’s Joerg Asmussen told a German news publication the bank would play no part in a potential Greek  debt restructuring plan, raising concerns the economically disastrous nation will continue to burn bailout money all the way to default.

 

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Comments

  1. Tom Frew says:

    Great insight, thanks!

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