Greece Denies Default Rumors

The equity markets are getting killed on Friday as Greek bond spreads blow out amid rumors of an imminent default by the Mediterranean country. This in turn has led to a plunge in the euro currency, a steep sell-off in European banks, and losses across the board in the United States. Greece's finance minister said earlier today that the country is committed to a "full implementation" of its bailout agreement and that talk of default is "organized speculation." Nevertheless, there is considerable fear in global financial markets that Greece could default in the coming weeks, which would put even more pressure on other European nation's already stressed bond markets. Greece has a debt payment coming up on September 23rd.