The Phaserl


Central Banks Scramble, Fail to Rescue Stocks, after Greece

from Wolf Street:

Stocks are sacred. Except those in Greece where no one knows when banks will reopen and what currency or IOUs or whatever they will dispense when they do reopen, and no one knows how Greek businesses are supposed to function under these circumstances, how they’re supposed to pay their employees and produce and sell things and provide services. And no one knows what Greek stocks are worth because the Athens Stock Exchange remains closed.

But elsewhere, stock valuations must be propped up no matter what happens in Greece.

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