6th July 2015
Markets in Europe were down on Monday after Greece’s no vote threw the country’s membership of the euro in doubt.
A key European Central Bank meeting today will determine whether to extend emergency liquidity to Greek banks, which may run out of cash this week without a fresh deal.
The referendum vote greatly increases the chances of a so-called Grexit, as without more assistance the country may be forced to issue a second currency to pay pensioners and civil servants.
Stock markets in London, Paris and Frankfurt were among those lower on Monday following the vote. Earlier Japan’s Nikkei lost two per cent overnight amid worries that China’s stock market is heading for a crash.
Banking stocks were some of the worst hit as investors fretted over their exposure to Greek debt.
The euro was lower against the dollar, with the single currency shedding 0.7 per cent, while oil dipped to its lowest since April as markets turned defensive.
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