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Mon July 23, 2012
News In Spain, Greece Sends European Stocks Diving
Originally published on Tue July 24, 2012 12:52 pm
STEVE INSKEEP, HOST:
Concern about Spanish debt is at the top of NPR's business news.
Not a great start to the trading week. The Dow fell 200 points in the early going today. European stocks also fell sharply because investors are more worried than ever that Spain may need a full-sovereign bailout. Now, Wall Street is making up some of the losses at this hour, but anxiety remains high after two regions in Spain said they'd be asking the country's central government for bailouts. Local Spanish media say several other regions could follow suit. It's not clear the central government can take it.
And, of course, Greece remains the center of the crisis in Europe. The prime minister said yesterday the country's in a great depression, comparing it to what the United States experienced in 1930s.
International leaders will be in Athens this week to push for more cuts, and to see whether Greece is meeting the terms of its bailout. Transcript provided by NPR, Copyright National Public Radio.