The Greeks have put Wall Street in a headlock for more than 24 hours now. Let’s recap…
- Before market open yesterday: Greek debt deal announced, traders rejoice. Futures up
- After market open: Traders realize there are no specifics to the deal. Market down
- By midday: European Council president clarifies – the EU stands ready to help Greece, but help isn’t actually needed right now. Best of all worlds. Market up
- After market close: German Chancellor Angela Merkel let it be known Athens would have to get its own act together and, in the words of the UK Guardian, she “brushed aside all questions of financial support.” Bummer.