Global shares recover a bit, though fear on Greece remains

TOKYO (Reuters) - Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.

The economic recovery is sputtering, as Neil Irwin documents. Economists think growth between April and June was 2 to 2.5 percent, which is anemic at best. Job growth has been disappointing.

An interested reader asks, "One question I would like to ask is whether you see the US ever fully recovering from this recession?"

In Cyprus a decision was made to screw savers with a 6.75% to 9.9% "Tax" on deposits. Supposedly this move was made to "avoid unsettling investors in larger countries and sparking a new round of market contagion." How can this action do anything but cause contagion?

Company's own shares slip back on profit taking

Mercenary Links Roundup for Wednesday, June 15th (below the jump). 06-15 Wednesday Commissioners ‘fear future of eurozone’

My main focus on the Greek crisis is how it will impact the global economy, and especially the United States, but nobody covering this issue can avoid the morality lessons.  First, Greece borrowed too much.  That’s bad.  Second, Greece cooked its books to conceal the magnitude of its deficit spending.  That, too, is bad.  Third, other European countries knew that Greece was doing this, but ignored it so as not to embarrass them or weaken the European Monetary Union.  That may have been the worst error of them all.