- Figures published by the interior ministry showed 61% of those whose ballots had been counted voting “No”, against 39% voting “Yes”, according to BBC.
- European stock and bond markets are set to take a sharp hit on Monday after Greece voted ‘No’ to harsh bailout conditions, and bankers said the European Central Bank’s response was now key to the extent of contagion, according to Reuters.
- “The ECB has the capacity to limit the spread of contagion. But we might still see a fall of 3 percent on European markets on Monday,” said Antonin Jullier, head of equity trading strategy at Citi.(Goldman Sachs has predicted that there could be an initial 10% wiped off the European shares)
- European Council President Donald Tusk called a euro zone summit for Tuesday to discuss the Greek debt crisis after Greeks voted overwhelmingly on Sunday to reject the terms of a bailout
European Commission President Jean-Claude Juncker will hold a conference call with Tusk, Eurogroup President Jeroen Dijsselbloem and European Central Bank President Mario Draghi on the Greek situation on Monday morning, the Commission said.
When is the next deadline?
- Greece missed a payment to the International Monetary Fund last week and the clock will tick down to 20 July when Greece must repay €3.5bn to the ECB – the final deadline, according to Bank of America Merrill Lynch. If they missed that, “It would then be very difficult to repair the relationship between Athens and the Europeans, at least under the current political configuration in Greece, according to The Guardian.
Categories: Capital Markets