Markets could stumble after France, Greece votes

For Greece’s new government, any hopes of a forgiving European Union evaporated this week. The euro zone’s central bank decided on Wednesday that banks would no longer be able to use poorly rated Greek government bonds as collateral for credit. In its decision, the bank cited its lack of confidence that Greece would be able to meet the terms of its 240 billion euro rescue program. The move suggests that Europe will only help them find new access to funding if Greece pays off its debt according to schedule or agrees to extend the terms of its bailout.