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GreekReporter.comCanadaTSX Falls More than 300 Points Amid Renewed Greece Debt Fears

TSX Falls More than 300 Points Amid Renewed Greece Debt Fears

The Toronto stock market was down nearly three per cent as losses accelerated Monday afternoon amid weaker commodity prices and fresh anxiety over a potential default by the Greek government on its loans.
The S&P/TSX composite index was down 2.7 per cent or 329.5 points at 12,058. The TSX Venture Exchange lost 47.4 points to 1,737.7.
The Canadian dollar was down 0.18 of a cent at 100.22 cents US after earlier dipping below parity for the first time since January as investors nervous about Europe’s debt problems sought safety in the U.S. dollar.
“September is traditionally one of the worst months of the year for stock markets in particular and this year looks to be no exception,” said Colin Cieszynski, a market analyst at CMC Markets Canada.
Greece basically has its back against the wall,” said Tom Kaan, head of equity sales at Louis Capital Markets in Hong Kong. “Having said that, the concern I have is no longer Greece. Greece has to default.”
The bigger concern, he said, is whether other European countries like Italy will follow.
“We’ll see still more sludge on the downside before things get better,” Kaan said.
(source: the star)

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