MILAN — European markets fell Tuesday as investors worried whether Greece, after an indecisive election, could form a new government to save it from financial disaster. After Greek conservatives failed to form a government, the baton passed to the Radical Left Coalition leader Alexis Tsipras.
Athens (AFP) - Greece's prime minister warned Tuesday the financially-stricken nation may be forced out of the eurozone if January's parliamentary election hands hard-left party Syriza power to reverse years of austerity measures.
MUMBAI: Is the market exhibiting the proverbial calm before the storm? The unexpected strength in Indian stocks on Monday despite Greek voters opting against the bailout terms of Eurozone members and international lenders is being greeted with abundant caution. Fund managers are betting on a selloff in emerging markets — including India — soon, as investors await the fate of the perilously placed Greek banks, gasping for fresh funds from the European Central Bank to stay alive.
ATHENS — Greek bank stocks fell by more than 22% on Wednesday as the Athens market suffered a third day of turmoil following the election of a government led by leftist anti-austerity Prime Minister Alexis Tsipras.
Fears that Greek banks, facing increased deposit outflows, could be shut out of European Central Bank liquidity assistance if their assets were no longer accepted as collateral led to a rout as investors dumped financial stocks. Bank shares have fallen by a total of 40% since Sunday’s vote.
National Bank of Greece (ADR) (NYSE:NBG) stock recently generated hefty losses for investors with the stock price dropping to record lows. On Friday, Greece’s largest lender along with its peers witnessed a massive erosion of market value, in what surfaced as a consecutive plunge for banking stocks. The stream of losses is a bi-product of Greece’s recapitalization strategy.
US stocks fell sharply in heavy trading on Monday and the S&P 500 and the Dow had their worst day since October after a collapse in Greek bailout talks intensified fears that the country could be the first to exit the euro zone. The European Central Bank froze funding to Greek banks, forcing Athens to shut banks for a week to keep them from collapsing. And Greece appeared to confirm it was heading for a default after a government official said the country would not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday.
LONDON: European shares fell on Monday, weighed down by worries over a looming cash crunch in Greece, while the dollar rebounded after concern over the US economy drove the currency to four-month lows on Friday. Oil prices rose after Islamic State militants said they had seized the Iraqi city of Ramadi, though analysts said the market remained oversupplied. Wall Street looked set to open lower, according to index futures , and the pan-European FTSEurofirst 300 stocks index gave up early gains, shedding 0.6 per cent.
ATHENS — Athens delayed a 300 million euro payment to the International Monetary Fund on Friday and Prime Minister Alexis Tsipras spurned an “absurd” proposal from lenders in the impasse that threatens to push Greece into bankruptcy and out of the euro.
In a speech aimed at winning parliament’s backing for his rejection of the terms, Tsipras balanced indignation with expressions of confidence that a more favourable deal would be found that could keep Greece inside the currency bloc.
LONDON: Greek shares fell on Tuesday on lingering uncertainty over the country's debt problems, while a rebound in the euro - whose weakness has boosted German exporters - pushed investors out of German stocks towards southern European bourses. Athens' benchmark ATG equity index retreated 1 percent, reflecting some investors' concerns over a lack of concrete progress in Greece's talks with its creditors. Greece must repay four loans totalling 1.6 billion euros ($1.8 billion) to the International Monetary Fund this month, starting with a 300 million euro payment on June 5.
Greek stocks got absolutely wrecked today, crashing by nearly 13%. That's all on the back of the prime minister announcing early presidential elections. People don't think he has enough support from Greece's parliament to get a president approved, which would cause a snap general election.