Greece Debt situation deteriorating

Eurozone officials release statement after a 7 hour meeting in Luxembourg  that gives the markets no feeling that they are going to resolve the Greek debt crisis now.

There is more concern that this is going to end badly and Banks are trying to protect themselves against the possibility of a Greek default and if that happens, how they can avoid being a domino in the falling pile.

They are already evaluating, not just their exposure to the Greek government though the bond markets but are also trying to reduce their exposure to Banks that could be dragged under by exposure to the Greek market.

Greece needs funds to meet repayment deadlines next month but at this moment they won't get them until the austerity package to reduce debt by 28 billions and privatise a further 50 billion Euros worth of assets, has been set in concrete  and there is no sign of this happening in the very near future.

Until this is passed though the Greek parliament, with no backing whatsoever from the Greek public, equities will remain weak as will the Euro, as investors get out of risk in case we are staring at  another major global collapse.