Uncertainty around the world is spreading fear in the markets. Will Greece default? In and of itself, Greece is fairly small but the fear of contagion is real. How will any default affect Portugal, Ireland, Italy, Spain or worse, the unintended consequences yet unknown?
There is plenty of uncertainty to go around in the USA. The SEC delayed Dodd-Frank derivative measures scheduled to take effect in July. Unemployment is on the rise again. The US 14.3 trillion dollar debt limit must be raised by August 2, yes trillion; a number so large most cannot fathom what it means. Most don’t think default is a possibility but as the drop dead date approaches with no resolution, fear could spread throughout the markets.
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