"Markets" terrified that the people of Greece might vote in a leftist, anti-austerity party

[marmar]

MUMBAI: The benchmark Sensex on Tuesday plummeted by 855 points in its worst crash in five and a half years as stock markets globally went into a tailspin amid speculation about probable exit of Greece from the Euro region and oil prices cracking below $ 50 per barrel mark.

The Nifty also tanked 251 points, or 3 per cent. Both the bellwether indices closed at more-than two-week lows. Panic selling sent markets on a free fall with losses across sectors, traders said, adding that investor wealth plunged by nearly Rs 3 trillion as four counters fell for one that rose.

Oil prices continued to drop, with the US benchmark contract briefly falling below $ 50 a barrel for the first time in more than five years on concerns about ample global supplies and weakening economic growth.

.....(snip).....

Fears mounted that an election in embattled Greece later this month could put the opposition anti-austerity party Syriza in power, jeopardizing the country's economic reforms mandated by the international financial rescue, analysts said. .....................(more)

The complete piece is at: http://timesofindia.indiatimes.com/business/india-business/Bloodbath-Sensex-tanks-855-pts-on-Greece-woes-oil-gloom/articleshow/45778242.cms

[newfie11]

1. I just read Greece cannot withdraw from the EU

That is scary when their hurting so bad.