Even More European Terrible News: Greece's GDP To Drop Deeply

As if Europeans needed more bad news. Here comes Greece again today announcing terrible GDP forecatss. What did the marekts expect with draconinn cuts?

Evangelos Venizelos, Greece's finance minister said on Friday that Greece's economy will shrink by over 4.5 percent this year, adding that a new bailout deal for the troubled euro zone member would not be completed before mid-October.

And a little side note to the "bailout": Finland secured a collateral on loans to Greece. Austria, the Netherlands and Slovakia said they wanted the same!

This severely complicates finalizing the bailout as the finance Minister said all bilateral decisions are up for approval by the other euro zone members and that "it would be a while before the new bailout negotiations are completed".

"We should not expect to be finished before the first or second week of October, because parliaments need to vote and banks to complete their own processes,"