The Herd begins to Move

Investors Stampede to Exit Greek Equities

And so it begins...

Fear is growing across Europe that the Greek's will, in the end, default on their debts

Equity markets shifted into reverse gear after two sessions of gains as investors turned wary in the face of mounting concerns over the sovereign debt issues surrounding Greece.

French banks came under the scrutiny of rating agency Moody’s because of their exposure to Greek debt. Moody’s placed BNP Paribas, Société Générale and Crèdit Agricole on ratings review, focusing on their holdings of Greek government and corporate bonds.

“These are further reminders that a disorderly sovereign default could have ramifications across the global financial system,” said Jim Reid at Deutsche Bank.

Futures continue to fall and will likely continue to fall for some time until ECB ministers and private investment can come to a consensus.

Futures added to losses Wednesday after consumer price index rose in May and amid worries over a new aid for Greece resurfaced after the euro zone finance ministers failed to forge a deal.

Euro zone ministers will meet again next week to find an agreement, with the voluntary involvement of private investors the main sticking point.

The herd is stirring, they smell the danger and the fear and they grow increasingly fearful themselves.  Where to go? What to do? How do I save my money?

Will the last one out of Greece, please switch off the lights?  Thanks.