Monday, June 29, 2015

AEX opened 4 percent lower by escalating Greek crisis – NU.nl

Also, follow our live blog about the Greek debt issue

This was reported by the French news agency AFP .

Hollande made his comments After a slotted summit. He further regretted that Greece has suspended the negotiations because the parties were “close to an agreement.”

However, should the Greeks decide to leave the euro zone, then “France has nothing to fear” Hollande said, as the French economy is “robust”.

The Spanish Minister of Economy Luis de Guindos said that there is still a solution is possible to extend the emergency program, reports news agency AP . “I hope that the rationality and the return of common sense so that we can reverse the situation in the next 48 hours,” says De Guindos.

At 12.45 pm loves President of the European Commission, Jean-Claude Juncker a press conference, but there shall be presented no new proposals, according to his spokeswoman.

Brussels wants to avoid a Greek default and a Greek exit from the eurozone. The European Commission Monday make clear which way to turn.



Moscovici

European Commissioner Pierre Moscovici (Finance) reported earlier that the committee would come up with new proposals for the Greeks, but he pulled it in again. The latest proposals are known, he suggested later.

The committee had published its plans Sunday. Moscovici stressed that there is still room for a compromise between the Greek government and the lenders of the troubled country over a rescue plan.

The European equity markets on Monday startled reaction to the escalation of the Greek crisis. The AEX opened 4 percent lower, while elsewhere went up the losses on the continent to almost 5 percent.

The European stock markets were in the course of the morning part of the opening losses, but remained well in negative territory . Towards the end of the morning the AEX was 2.9 percent lower at 480.10 points

Traders were surprised at the reaction of investors to the possible bankruptcy of Greece, which for months his last pennies together must scrape to meet its payment obligations

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Greek banks

The Greek stock exchange remained closed Monday. The Greek banks remain closed, until next Monday July 6th.

Cash withdrawals at ATMs in Greece are currently limited to a maximum of 60 euros per day and international payments via Greek banks and transfers provisionally banned abroad.

The share prices were last week still firmly in the belief that the Greeks would eventually reach an agreement with the other euro countries on further emergency support.

Those hopes were dashed this weekend, after the Greek Prime Minister Alexis Tsipras had torpedoed the negotiations with the announcement of a referendum on the emergency, Sunday

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Safe harbors

According to traders speculated a quite a few investors last week on a last minute agreement on Greek finances.

” Investors want to present en masse from equities and are looking to so-called safe havens like gold and bonds of economic powers like Germany, ” said a trader



Asia

Also, investors in stock markets in Asia all seemed to go out of the financial ruin of the country

The Nikkei index in Tokyo closed 2.9 percent lower at 20109.95 points and most other markets in the region lost more than 2 percent

Video.: Asian stock markets fell sharply

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By: NU.nl/ANP

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