16th June 2015
Stock markets in Europe have gone into red alert on Tuesday, June 16th, as they brace for the chance of Greece exiting the eurozone.
European shares hit a near four-month low on the latest developments, and the main Greek ATG fell by 1.5 per cent at the start of trading, adding to yesterday’s slide of more than five per cent.
Bonds are also feeling the heat. Yields on Greek two-year government debt rocketed up to 30 per cent, and ten-year yields hit 13 per cent, highlighting how investors in Europe are getting alarmed.
City analysts are increasing their bets that Europe will now see Greece default and exit from the eurozone, especially after yesterday’s comments from Greek and European officials.
Both sides have announced that the proverbial ball is in their opponent’s court - a standoff which is “not the kind of atmosphere that is going to yield a solution”, according to Connor Campbell, financial analyst at Spreadex.
European finance ministers are due to meet on Thursday June 18th in Luxembourg, where we might finally see a line drawn under the ongoing Greek debt saga.
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