Posted on 07/05/2015 6:55:28 PM PDT by 2ndDivisionVet
Oil prices fell sharply in early trading on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps over the weekend to prevent a full-blown stock market crash.
In a referendum on Sunday, Greeks overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency and pulling down the euro EUR= in early trading on Monday.
In China, stock markets face a make-or-break week after officials rolled out a series of measures to prevent a full-blown stock market crash that would threaten the world's second-largest economy.
Both U.S. CLc1 and internationally traded Brent LCOc1 futures were down over 1 percent, trading at $55.08 and $59.72 per barrel respectively at 0035 GMT.
The falls meant that both crude futures were at their lowest level since mid-April....
(Excerpt) Read more at reuters.com ...
Of course oil prices fall AFTER the Independence Day weekend.
Hate to say it, but this really needs to happen! Greece has been living off of others for too long and it finally has to come to an end! I don’t like the economic catastrophe that it might cause but it has to happen sooner better than later.
Greece will likely become a Communist country after this but trying to keep them in the Eurozone is useless.
Agreed. Sometimes you have to break things to fix them. This is one of those times.
Down over 1% is a tumble? Since when?
They are fools, its going to be so much worse than they can imagine.
They lied to the people.
Now they will experience and uncontrollable inflation and no access to international capital.
They just love to exaggerate.
They sure do.
Barry will probably print them up some dollars.
Like many in the past, they will have to learn the hard way I guess! When you get used to living on other peoples wages you get way too comfortable and continue to vote in the same politicians to continue the same path. Unfortunately, that path eventually leads to bankruptcy and is hard to take.
Much worse things are coming to them. I just hope the the US does not succumb to the same problem as it seems that way too may expect a free path to prosperity.
Oil prices tumble???
Not in Pennsylvania, they continue to rise...and are now back up to $3.00 gal. and climbing.
Thanks to Harrisburg for raising gas tax...we now once again have a crooked Democrat Gov.
What! The market responds to such silly things? After all, the Greeks only want us to support them. They just don’t want to have to work for their money...wonderful life and all.
Michigan just raised theirs too. And that’s with both houses AND the governorship being GOP(e).
CC
They will print their own currency, and they will burn it for fuel.
This is pretty serious - I’ve seen different numbers, but assume Greece has at least 300 billion in total debt, much of that to private banks in Europe, but also the US. If they default, the consequences are completely uncertain. It is a bigger even the Lehman Brothers. I’m optimistic that this won’t crash international markets, but it is a big enough even that it could be 2008 all over again.
after my husband filled several 5 gallon containers....
Yes, it is a bit of a problem but minimal to the US. The real problem is about to be fixed in that the Greeks continue to expect to be bailed out! The end is now!
Every politician worth his salt is “WHISTLING IN THE GRAVEYARD”, trying to to tell every body that a GREEK collapse isn’t going to do anything to the world’s economy. When somewhere in somebody’s back room, they are trying to figure out how to get out of this hole they’ve dug for themselves. It may take a few months, but eventually, even these people will realize that the world economy needs re-adjusting. What they are also probably doing is saving their skin, by preparing to make sure none of them will get hurt too terribly, when the crash comes. The only ones that really get hurt are the poorest people in this world. As for the regular people that own gold or silver, the government will just make it a crime to personally own any of these precious metals.
Yes, I feel bad for the Greeks but they continue to vote for Socialist/Communist leaders so they will get what they voted for.
It may not be much in and of itself, but it comes after a 12% decline last week, and a 28% decline since June 12.
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