Weekly Wrap: Greece’s woes, Jamie Dimon’s testimony

Sarah Gardner Jun 15, 2012
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Weekly Wrap: Greece’s woes, Jamie Dimon’s testimony

Sarah Gardner Jun 15, 2012
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The Wall Street Journal’s Sudeep Reddy and Cardiff Garcia of the blog FT Alphaville wrap up this week’s biggest business stories.

On the state of Greece right now:

Cardiff Garcia: If you look at opinion polls, on the one hand, most Greeks actually still do want to stay in the euro. On the other hand, the costs imposed on them by their government and by the rest of Europe so far has just taken a really catastrophic toll on them. But I think in terms of what’s happening in that country, yeah, your heart goes out to these people.

On the election there this weekend:

Sudeep Reddy: For the Greeks, they’re really choosing between bad and worse, and that’s one of their problems — there’s really no good outcome for them and that’s why it is such a sad situation. For the rest of the world, we’re all waiting for this moment to determine how the eurozone shakes out, how global financial markets react to this. And there are really only two paths for that: one is that what happens on Sunday will, in the coming weeks, lead to this global contagion in financial markets where we all go into another spiral; the other — best — case is this muddle-through scenario where Greece stays in the eurozone and we just go through these ups and downs for years. Neither one is really obviously good for anyone.

For more analysis, listen to the full audio.

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