Debt crisis on the beach

July 29, 2011

This is supposed to be the time the Greeks call “ta bania tou laou” – the people’s bathing.  Markets are supposed to be quiet. Analysts have done their two-month outlooks for July/August and traders are working on their tans.

Not this year, at least in Europe.  The Greek bailout fight and the previously unthinkable march of Washington towards default have nailed a lot of people to their desks.

European equities  volume in July, with one session left, is 47 billion shares. That compares with 35 billion a year ago and 29 billion in 2009.

The beaches must be empty.

 

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  • About Jeremy

    "Chief Desk Editor, Economics & Markets, based in London. Previously European Investment Correspondent, Bureau Chief for Greece and Cyprus in Athens and Senior Correspondent for the European Union in Brussels. Began career covering U.S. politics in Washington D.C."
    Joined Reuters:
    1990
    Languages:
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    Awards:
    State Street Investment Correspondent of the Year, 2007
    Part of Emmy-nominated team for
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