Greek Debt Crisis: Big Fat Greek Oxi Rocks Markets

PUBLISHED: 06 Jul 2015 @ 19:26 | Comments (0) | More info about Fiona Craig

Yesterday, the Greek people voted No to the harsh bail-out conditions the creditors want to impose on the country. This morning the markets responded to the referendum: the European and Asian markets have fallen, as has the euro.

London’s FTSE 100 (FTSE:UKX) dropped 0.9%, the Paris Cac 40 fell 1.4%, Frankfurt’s Dax 1.6% and Japan’s Nikkei more than 2%.

Reflecting the believe that the referendum result heralds the Grexit, the euro fell 0.4% against the dollar and 0.5% against the pound.

On the markets, banking shares were some of the biggest fallers: Barclays (LSE:BARC) is down 1.4%.

At this stage nobody knows what will happen: Greek PM Alexis Tspiras says he is heading back to the negotiating table, but some European officials are talking tough, warning that the “No” vote made further negotiations difficult to imagine.

Whatever the next act of the drama is, we can expect markets to remain volatile.

For more on the Greek debt crises, go to ADVFN’s Greek Crisis page: http://uk.advfn.com/greece-crisis.

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