Greek turmoil deepens Europe’s debt crisis

Greek turmoil deepens Europe’s debt crisis

By John W. Schoen

May 10, 2012

The deepening political turmoil in Greece has begun reverberating throughout the global financial markets as Athens’ failure to form a government last weekend threatens to further undermine the battered European economy and banking system.

Two years after European leaders began engineering a bailout for the debt-laden Greek government in return for deep spending cuts, the grand plan to cement the widening cracks in Europe’s common currency appears to have collapsed.

There is no Plan B.

“Greece is an unguided missile launched from the middle of the eurozone,” said Carl Weinberg, chief economist at High Frequency Economics. “How, when and where it will strike cannot be predicted.”

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