The Greeks defied Sunday Europe by voting overwhelmingly in favor of the “no” to the proposals of the international creditors of Athens in a referendum whose result raises the question of maintaining their country Eurozone and accentuates the gap with “institutions”. After a week marked by the closure of banks, and limiting the amount of cash withdrawals to avoid a collapse of the Greek financial system _ their future hangs in the infusions of the ECB, but until when? This result opens the way to a new period of uncertainty in Greece. In Europe, leaders are asking: third aid program or Grexit?
11:00 The Eurogroup meeting will start tomorrow Tuesday at 11:00 GMT, said Monday Jeroen Dijsselbloem, who chairs meetings of finance ministers from the eurozone. The finance ministers of the currency bloc have agreed to meet to discuss the fate of Greece which voters overwhelmingly rejected Sunday’s new austerity measures.
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10:55 Several Latin American leaders, including Argentine President Cristina Kirchner and his Cuban counterpart Raul Castro, congratulated the Greek people to have overwhelmingly rejected the plan of the creditors of Athens and its new austerity measures. “We, Argentines, we know what it is. Let’s hope that Europe and its leaders will understand the message of the polls. You can not require people to sign its own death certificate,” Kirchner said. Raul Castro, it conveyed its sincere congratulations to Alexis Tsipras: “This result shows that the majority of the Greek people support the courageous policy of the government that you lead.” Bolivian President Evo Morales said that the “no” in the referendum Greek “was a defeat for the” European imperialism. “
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10:52 The Vice President of the European Commission Load the euro, Valdis Dombrovskis said on Monday it would hold a press conference at 12h00 (1000 GMT) to discuss the impact of the outcome of the referendum held Sunday in Greece. It will be the first official reaction of the European institutions to the massive victory of the “no” in Sunday’s referendum.
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1 0:51 For the Governor of the Bank of France Christian Noyer, the debt of Greece to the euro area can not be restructured as it would finance a state. “The debt of Greece vis-à-vis the Eurosystem is a debt which by nature can not be restored because it would be a monetary financing a state contrary to Article 123 “of the EU’s Lisbon Treaty, said the Governor of the Bank of France.
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10:08 According to the British bank RBS, employment in Greece returned to the level of 1985. … It’s as if the UK lost 6 million jobs, “she commented (see updates below).
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9:56 Minister of Economy, Emmanuel Macron stands out the appeal of Alain Juppé (see below) to exclude Greece from the euro zone. “ Personally, I do not share this opinion at all “, has he said on the sidelines of a meeting with young beneficiaries of a professional support by the digital in Marseille. “There is a collective responsibility in terms of solidarity and refinancing,” added the minister who called, before the result of the vote on Sunday to “resume political discussions” with Greece “whatever” after the referendum.
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9:35 After the “no” to the Greek referendum yesterday, market operators are very attentive Monday that the movement in the bond market, especially scrutinized, the differential between the rates Bud German bonds and those of southern European countries. Yields on 10-year Italian and Spanish hit the highest at 2,751% and 2,581% in the early morning and drop to 2.354% and 2.334% against 2.269% and 2.236% Friday while the yield of the German 10-year Bund relaxes by 6 basis points to 0.736%.
Meanwhile, equity markets were showing some strength Monday morning.
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9:29 The spokesman of the French government said on RMC and BFM TV: “Everyone must take responsibility, especially the Greek prime minister.” Stéphane Le Foll said: “ person, at least among responsible leaders, has expressed the wish to put Greece out Besides it does not exist in the Treaties, no possibility. to say to a country we do not want + more + So you must get back in a situation where we have to discuss. (Encore), everyone must take the measure of the challenge and accept mutual respect “.
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9:12 The Frankfurt Stock Exchange opens down 2.11%. The Madrid Stock Exchange opened sharply lower 2.41%. The Shanghai Stock Exchange, she, closing up 2.41%.
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Read also & gt; Market column on Echos Exchange
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9:01 The Paris Stock Exchange opens down 2.06% to 4709.01 points.
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8:56 Former Prime Minister Alain Juppé (Republicans) has called on the EU to “organize” the exit of Greece from the euro area “without drama” . “Greece is not in a position today to assume the disciplines of the euro area. Try to keep it there at all costs, by ad hoc arrangements would weaken the whole system. We have to help to organize its release, without drama. This does not mean that it must also leave the Union. It shall, if it so wishes, participate to keep its place as the other Member States that have not incorporated the area euro, “the mayor of Bordeaux on his blog.
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8:42 The main expected European stock indexes sharply lower Monday . They should lose up to 3% this morning at the opening, stunned by the victory of non-Greek referendum, which runs the risk of a country’s exit from the eurozone. Futures on major stock indexes, which give an idea of the trend at the opening were sharply down forty minutes before the opening of the session, losing 2.36% for the Dax in Frankfurt 2 85% for the CAC 40 in Paris and 0.93% for the FTSE in London.
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8:25 The euro rebounded against the dollar occasionally in Asian trade Monday , after the surprise resignation of the Greek Finance Minister, Yanis Varoufakis. Around 2:30 p.m. in Tokyo (0530 GMT), the single European currency was worth 1.1088 dollars, against 1.1027 earlier. However, it is settled within minutes around 1.1056 dollar. The euro had fallen to 1.0963 dollars just after the announcement of the Greek referendum. The European currency also recorded after 2:30 p.m. local, a brief rebound against the yen around 135.76 yen against 134.82 yen few tens of minutes before.
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8:23. Guest of Europe 1 on Monday morning, Finance Minister Michel Sapin said: “Europe is not in trouble, Europe is facing a Greek problem (…) It is Greek Government to make proposals. The ECB will do what it takes. ” After describing the thread of dialogue with Athens “tenuous “, he added: “ There is an exit for Greece Euro risk but there is no automatic (…) There on the table the foundations for a dialogue but Greece to show that it is serious about this dialogue . “
8:10 <- - sdvenc> : pressure on bond rates Southern European countries. The borrowing rates in the southern countries of the euro area tended considerably, but not excessive, Monday morning on the debt market. To 8:10 (6:10 GMT), the 10-year rate of Spain grew at 2.349% against 2.212% Friday at the close of the market where the exchange previously issued debt. Italy’s rate is tended to 2.380% (2.248% against) and that of Greece to 14.800% (14.630% against).
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8:05. Tokyo Stock Exchange: Nikkei ended down 2.08% after the non-Greek. The Nikkei 225 blue chips dropped 2.08% (-427.67 points) to 20,112.12 points after falling nearly 2.6% during the session. Japanese authorities say they are “vigilant”. “ Although the direct economic and financial ties between Japan and Greece are limited, the government and the Bank of Japan stands ready to manage the possible developments in Greece ” and “s urveillent carefully “ market developments. Same trend on the other Asian-Pacific seats: Sydney closed down by 1.14%, 2.40% and Seoul Wellington 1.10%. At 0600 GMT, Hong Kong gave up 4.49% after opening 0.7%. At the Shanghai Stock Exchange, the composite index lost 0.55% to 3666.60 points. He had flown from 7.82% at the opening before nosedive.
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7:38 Finance Minister Yanis Varoufakis announced his resignation. “Shortly after the announcement of the referendum results, I was informed of a certain preference of some members of the Eurogroup, and + + associated partners (…) for my lack + + meetings , an idea that the prime minister (Alexis Tsipras) considered potentially useful to obtain an agreement. For this reason I left the Ministry of Finance today, “he explains on his blog.
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7 h10 The British government Monday acknowledged the “critical opinion” expressed by the Greeks in Sunday’s referendum, ensuring that “will do whatever is necessary to protect “its economy , according to a spokesman for Prime Minister David Cameron.
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7:00 Under the effect of “no” Greek markets were lower Monday in Asia . In the first minute of trade to Tokyo Stock Exchange, the Nikkei index of 225 blue chips yielded 1.65% (-339.64 points) to 20,200.15 points. Around 2:00 GMT, Sydney yielded 1.33%, 0.74% Seoul. An hour later, Hong Kong, which had opened up 0.7%, losing more than 3% during the session. Around 8:00 in Tokyo (2300 GMT Sunday), the single European currency was worth 1.1025 dollars, against 1.1107 Friday around 2100 GMT. She was down to 1.0963 dollars earlier.
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6:00 : While proponents of the “no” expressed their joy in Athens, Berlin has reacted harshly, the German minister Economy, Sigmar Gabriel, judged “difficult to imagine” further negotiations in these circumstances. Ildernier even stated that the Greek Prime Minister Alexis Tsipras had “cut the last bridges” between his country and the European Union, in an interview with daily newspaper “Tagesspiegel” to be published Monday.
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0:56 According to final results provided by the Greek Ministry of Interior, the “no” wins with 61.31% against the “yes” credited with 38.69%. According to a survey released by the TV station Antenna TV, 67% of the ballots “no” were dragged by youth tranche 18-34. All electoral districts voted overwhelmingly in favor of the “no” without exception. This surprisingly clear victory foiled recent polls which predicted a much closer result.
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Sunday 23:30 Eurogroup chief and Finance Minister of the Netherlands, Jeroen Dijsselbloem called the vote “very regrettable for the future of Greece.” Slovak Finance Minister Peter Kazimir considered for its part that henceforth a Grexit – Greek exit from the euro zone – was a “realistic scenario”. To Russian Deputy Economy Minister Alexei Likhachev, “we can not not understand” that this is a “step towards exit from the euro zone.”
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