Greece's caretaker Cabinet was sworn in Thursday and will lead the country into next month's election, after a deadlocked vote sparked more political turmoil and brought the country's use of the euro currency into question.
BRUSSELS: With their country struggling to stave off financial collapse, Greek officials restarted talks with skeptical creditors on a new rescue deal, but showed up Tuesday without the concrete proposals their European counterparts had demanded. Prime Minister Alexis Tsipras' situation is urgent: Without a deal, Greece's banks could go bust within days, the first step in the country's potential exit from the euro currency union. Its banks won't reopen until Thursday at the earliest after the European Central Bank refused to increase assistance.
And just like that the Santa rally is over, if only in Greece where both bonds and stock are tumbling after the third vote for PM Samaras' appointed presidential appointee Stavros Dimas concluded as many had expected: in failure, with 168 Greek lawmakers voting in favor of Dimas, well short of the 180-vote threshold needed. 132 voted against Mr. Dimas. This means that the "worst case" scenario - at least as described by Goldman - is now on deck: a snap general election that could bring the anti-bailout Syriza party to power.
Athens (AFP) - Greek stocks plunged Thursday for a third straight day as the prime minister urged deputies to elect a new president next week and safeguard the country's fragile economic recovery.The Athens general index closed 7.35 percent down, with the top banks losing 5.29 and 13.89 percent.
Athens (AFP) - Whatever the outcome of wrangling in Brussels over its debt problems, Greece may be heading for further political turmoil as defections by leftwingers weaken Prime Minister Alexis Tsipras' grip on government.
While the overnight session has been relatively quiet, the overarching theme has been a simple one: currency warfare, as more of the world wakes up to what the BOJ is doing and doesn't like it. The latest entrants in global warfare: Taiwan, whose central bank overnight said it would step in the FX market if needed, then Thailand, whose currency was weakened on market adjustment according to Prasarn, and of course South Korea, where the BOK said that global currency war spreads protectionism.