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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