Enter multiple symbols separated by commas

Still Think Greece Doesn't Matter? (Think Again)

For everyone who thinks Greece is not a factor in the market's weakness today, consider this:

U.S. stocks rallied about 1pm ET Thursday, as the EU's Olli Rehn, European Commissioner for Economic and Monetary Affairs, said Greece was a special case—and that Spain, Portugal and Italy would avoid a debt crisis.

Why Greece again? Because this morning we found out that Greece's budget gap last year was worse than feared. Inaccuracies in the Greek data have been a serious problem for investors; this doesn't help.

The EU this morning said that Greece's budget deficit in 2009 was 13.6 percent of Gross Domestic Product, up from 12.9 percent, and said it could be further revised upward even more.

Remember, they are supposed to be slashing the deficit; now we find out it was worse than expected!

More Market Insights:

Bookmark CNBC Data Pages:

Reporting Earnings Today:

American Express


Capital One Financial





Questions? Comments? tradertalk@cnbc.com

  • Bob Pisani

    A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

Wall Street

  • Robert Shiller

    Nobel Prize-winning economist Robert Shiller says that his key valuation indicator is flashing warning signs.

  • Lael Brainard

    The Fed is in the early stages of an analysis on changes in bond market liquidity, amid signs that liquidity may be less resilient than in past.

  • Bill Gross

    Janus Capital acquired a majority interest in Kapstream Capital and said Kapstream's Palghat will support Bill Gross as co-portfolio manager of the Janus Global Unconstrained Bond strategy.