By Andrew Bolt ~
Greece is not the biggest problem. Watch out for this:
China’s stock markets face a make-or-break week after officials rolled out an unprecedented series of steps at the weekend to prevent a full-blown stock market crash that would threaten the world’s second-largest economy.
The government is anxiously awaiting the market opening on Monday to see if the new measures will halt a 30 percent plunge in the last three weeks…
But some context to this correction:
China stocks had more than doubled in just 12 months even as the economy cooled and company earnings weakened, resulting in a market that even China’s inherently bullish securities regulators eventually admitted had become too frothy.
The Australian stock market reacts badly to Greece and China, crashing almost a hundred points barely minutes after opening at 10AM:
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