Debt crisis on the beach
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.