Greeks Protest Austerity Measures

Unions are calling for a general strike and police are preparing for violence. Plus: Senate Republicans delay the financial reform bill.

Greeks Protest Austerity Measures Good morning. In Asia, stocks fell today. Japan’s Nikkei was off ½ percent closing at a three-month low while the Hang Seng was down was down more than 1%. On Wall Street, the Dow plunged 67 points as the NASDAQ finished down 18 point. Wall Street is keeping an eye on Greece today where unions are calling for another general strike that will close much of the country’s public sector and shut down ferries, trains, and public transportation. Workers are protesting the government’s austerity plan which includes cuts in salaries and pensions. The Greek government needs to enforce the spending cuts in order to resolve its financial crisis. Police are bracing for violence during Greece’s last general strike on May 5th. Three workers including a pregnant woman died while trapped in a bank that rioters set on fire. In Washington, Republicans have delayed final action on a sweeping financial regulation bill. The bill would make it easier to liquidate large failing firms and write new rules for complex securities that have been blamed for causing the economic crisis. It would also create a new consumer protection agency. Senate Majority Leader Harry Reed says he will seek a new vote today. The economic recovery still depends on whether the housing market can get back on track and the news on that front is not all good. Mortgage rates are near record lows but demand for home loans dropped to a 13-year low last week. According to the Mortgage Bankers Association, applications humbled more than 27% as Federal tax incentives came to an end. That’s your Money Watch. For more, stay with CBS MoneyWatch.com. In New York, I'm Ashley Morrison.