Stock market turmoil in US, Europe continues
Sunday, 9 May 2010
From Fazle Rashid
NEW YORK, May 8: Stock markets in the US, Europe and Asia experienced another day of turmoil amid fears that a debt default by Greek "could paralyse the world's financial system."
European Union monetary affairs commissioner painted a very gloomy picture saying Greek crisis could precipitate a total standstill in the banking system.
Experts have been saying the only way out of this impending disaster is Europe's Central Bank committing to buy government bonds. This will temporarily stabilise the situation. Harassed bankers from European group are urging the ECB to buy government bonds. There is no indication of immediate ECB action. The finance ministers from eurozone nations will meet tomorrow for a detailed discussion.
Leaders from Europe called for forging an unshakeable unity to enforce fiscal discipline and tightening financial market regulations. The US House of Representatives will hear the views of Securities and Exchange Commission and the New York Stock Exchange about the sudden price swing in stock markets. We cannot allow technological problems, regulatory loopholes or human blunder to spook the markets and cause panic, a reputed paper quoted the House Financial services subcommittee chairman as saying.
Official in two major economies of the world -- the US and Japan --expressed deep concern over what is happening in Europe. It has turned into a crisis of global concern. US president Barack Obama spoke to German Chancellor Angela Merkel to express support for European effort.
NEW YORK, May 8: Stock markets in the US, Europe and Asia experienced another day of turmoil amid fears that a debt default by Greek "could paralyse the world's financial system."
European Union monetary affairs commissioner painted a very gloomy picture saying Greek crisis could precipitate a total standstill in the banking system.
Experts have been saying the only way out of this impending disaster is Europe's Central Bank committing to buy government bonds. This will temporarily stabilise the situation. Harassed bankers from European group are urging the ECB to buy government bonds. There is no indication of immediate ECB action. The finance ministers from eurozone nations will meet tomorrow for a detailed discussion.
Leaders from Europe called for forging an unshakeable unity to enforce fiscal discipline and tightening financial market regulations. The US House of Representatives will hear the views of Securities and Exchange Commission and the New York Stock Exchange about the sudden price swing in stock markets. We cannot allow technological problems, regulatory loopholes or human blunder to spook the markets and cause panic, a reputed paper quoted the House Financial services subcommittee chairman as saying.
Official in two major economies of the world -- the US and Japan --expressed deep concern over what is happening in Europe. It has turned into a crisis of global concern. US president Barack Obama spoke to German Chancellor Angela Merkel to express support for European effort.