- Europe closes on the lows, the Stoxx 50's (NYSEARCA:FEZ) 3.7% decline led by Italy's 4.8% slump. Germany (NYSEARCA:EWG) -3%, France (NYSEARCA:EWQ) -3.3%, Spain (NYSEARCA:EWP) -3.5%, U.K. (NYSEARCA:EWU) -2.1%.
- "Grexit" fears were rekindled by a weekend story in Der Spiegel suggesting Angela Merkel feels financial markets are stable enough to handle Greece's withdrawal from EMU. Veterans of the EU debt crisis have seen way too many of these weekend sorties from the Germans to take them seriously, but, for today, it's having its effect. As far as we know, Mario Draghi's "whatever it takes" pledge still holds.
- Athens fell more than 5% today. GREK -6.8%, NBG -8.4%