This morning, the S&P 500 Index e-mini futures (ES Z1) are trading lower by 15.00 points to 1108.50 per contract. Once again, the problems in the European banking system seem to be dominating the headlines. The Greek finance minister has warned that there will have to be some write-downs for bondholders. That means that someone has to lose money as their paper goes belly up. We can only wonder how much of a default it will be. This news is certainly putting pressure on the markets this morning. After Greece defaults we can only guess what country will be next in the Euro-zone. This is not a pretty scenario for the European Union. We are likely to hear more news over the coming days about bailouts in the European Union.
