Asian markets down on scare of Greek tragedy

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Asian markets down on scare of Greek tragedy
BANGKOK (BDCi) – Asian stocks were down for the fourth straight day as plans to bail out Greece took a turn for the worse a couple days prior.
Hong Kong’s Hang Seng index fell 1% in early Thursday trading, and the South Korean Kospi lost 1.3%. Other regional indices in Singapore, Taiwan, Malaysia and Indonesia were also lower.
Most world markets have been down since the news that Greece’s prime minister demanded a referendum in his country be undertaken before the exhaustive European Union bailout plan be initiated.
European leaders shot back that the referendum will also determine whether Greece stays in the 17-member EU and that no aid will be provided until the vote is complete and satisfactory.
Should Greek voters reject the austerity plan, it could lead to a messy default on Greek debt held by Greek banks and other countries, and could possibly lead to a wider breakdown in international markets.
Greek’s prime minister Papandreou will address European leaders in France Thursday and Friday to explain the referendum move.

By Don Weinstein
Source: Yahoo
2 November 2011
11:38p.m. P.D.T.

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