The Greek Vote Gives Rise to Another Eurozone Issue
Like we mentioned yesterday, it looks like Greece certainly wasn’t the eurozone’s only major concern. And that speculation continues, with analysts now tuned in to Spain and Italy.
As Peter Kenney, Managing Director of Knight Capital, says, “The fact that spreads on Italian and Spanish debt continue to really inch their way up in spite of the Greek elections is an indication that the markets are not completely convinced wholeheartedly that we have found a solution a way of looking at the European crisis in a holistic way; in a pan-European way.” And G20 leaders met in Mexico yesterday to limit the economic fallout.
While pressures on the eurozone mount, however, things continue to look up for the housing market, as U.S. homebuilder sentiment is sitting at a five-year high this month. Something that we’ve been trying to tell you for a while now.