Futures Keep Falling Off A Cliff Tonight, And There's A Report Of A Brand New Hole In The Greek Austerity Plan

After today's late-day selling, futures continue to fall off a cliff.

Here's a look at S&P futures, via FinViz:

Meanwhile, there are reports of fresh troubles in Greece.

Journalist Matina Stevis -- who's been very reliable on all matters Greece -- says on Twitter that there's a "hole" of some sort in the Greek medium-term fiscal plan, meaning (presumably) that it doesn't cut as much as originally promised.

The next few days are going to be a bear for Greece watchers, as the austerity vote draws near (it's currently scheduled for next week). It's assumed that it will be tougher than the vote yesterday, and it's also totally crucial.

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See Also:

• Why The Divide In Greek Politics Is Looking Very American
• Spanish Central Bank Chief Is The Latest To Say A Greek Debt Restructuring Would Be A "Disaster"
• Goldman's Quick Take On Greece: A March Toward A Managed Deleveraging

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Oh Awesome, The New Greek Finance Minister Has Already Pissed Off The Rest Of Europe

Earlier we mentioned reports of a "hole" in the new austerity plan, suggesting that already the deal isn't expected to reduce the debt by as much as previously advertised.

That's not all that's going wrong.

FT has a good story on how the new Greek finance minister, Evangelos Venizelos, has managed to anger the rest of his European counterparts, by attempting to already renegotiate privatization plans and also change the timeline of the imminent vote.

The article quotes on diplomat as saying “He managed to say everything he shouldn’t have said,” referring to his performance at a meeting in Luxembourg

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See Also:

• Why The Divide In Greek Politics Is Looking Very American
• Spanish Central Bank Chief Is The Latest To Say A Greek Debt Restructuring Would Be A "Disaster"
• Goldman's Quick Take On Greece: A March Toward A Managed Deleveraging

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Everything Is Sliding Again, Amid New Greek Problems, And Bernanke's Big Letdown

The markets were enjoying a nice mini-run up until around the time on Wednesday afternoon, when Bernanke opened his mouth, and revealed that QE3 was not imminent.

Since then the selling has resumed. Markets went negative yesterday, and that's what's going on again today.

US futures are down, and all of Europe is lower. France is off 0.8%. Same too with Athens. Same too with Germany. Spain is off an even uglier 1.4%.

The other big story is Greece, where there are fresh concerns about the austerity package.

Specifically, there are reports of a big "hole" in the package, meaning that it doesn't accomplish as much as it claims to, and the new Greek finance minister is pissing off everyone in Europe by trying to establish wiggle room on the austerity vote.

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See Also:

• Why The Market's Six Week Slide Is A Massive Threat To The US Consumer Recovery
• Still No Deal On Greece, But Everything Is Rallying Back For Now
• BOOM: Everything Is Red Again, As Greek Situation Hurtles Towards Endgame

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