Greek Investors Apparently Surprised By Stuff No One Should Be Surprised About


The latest news from Greece is a bit peculiar:

Prime Minister Alexis Tsipras told his new cabinet on Wednesday that he would move swiftly to negotiate debt relief, but would not engage in a confrontation with creditors that would jeopardize a more just solution for the country….Later, the new finance minister, Yanis Varoufakis, appeared to harden the tone, saying that Greece’s bailout deals were “a toxic mistake” and that the new government was determined to change the logic of how the crisis had been tackled.

While many Greeks were hopeful that Mr. Tsipras would follow through with even a fraction of his populist promises, investors were more rattled. The Athens Stock Exchange, which already had billions of euros in value wiped out during Greece’s election campaign, fell around 7.5 percent in midday trading on Wednesday after slumping around 11 percent on Tuesday. Shares in financial companies in Greece plummeted more than 17 percent on Wednesday.

I wonder what has the stock market so spooked? After all, Tsipras is just doing what he’s said he was going to do all along. Everyone expected him to take at least this hard a line on Greek debt, if not harder. So why the sudden panic? Shouldn’t this have been priced in long ago? What’s new here?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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