The Dow Jones Industrial Average
|Dow Jones Industrial Average||-89.23 [-0.69%]||12,801.23|
The Dow opened down as European leaders asked for more budget cuts from Greece before signing a second bailout. Eurozone leaders also are requiring that Greek lawmakers approve a budgetary reform package in parliament that includes pension cuts, improved tax collection, and sales of state assets. A vote is expected by the Greek parliament on Sunday.
The Greek bailout discussions have been ongoing for some time now as Greece tries to avoid defaulting on 14 billion euros in bonds due in March. Greece has 330 billion euros in aggregate debt. Investors are worried that if conditions in Greece and the rest of Europe continue to worsen, the U.S. will also experience a slowdown in growth. While Bernanke has vowed that the Fed will protect the U.S. financial system, a U.S. slowdown is still a possibility.
With the Greek debt deal in continued turmoil, 29 of the 30 Dow components finished down for the day. Home Depot
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