Stock futures are lower this morning as Greece continues to unravel politically. News from the Eurozone will likely drag stocks downward this week, despite the Facebook IPO on Friday.
European Finance Ministers will meet for two days, beginning today, in an effort to get a handle on the festering Greek crisis. CNN reports;
The agenda includes a discussion over raising the profile of growth objectives within Europe, as well as allowing for continued discussion on plans for bank capital rules.
Where the Eurozone crisis leads is not completely clear, but what is becoming clearer is that Greece will have to default and exit the Eurozone in order to survive. If there is any encouragement for the hapless Greeks, it is that Iceland and Argentina defaulted on their loans and are arguably better for it years on.
Certainly there will be short-term pain and lots of it, but the sooner the pain is endured and tough reforms made, the sooner Greece can on with building their economy and society again.