FXStreet (Barcelona) – Darren Gibbs, Chief Economist at Deutsche Bank, shares the key developments surrounding the Greece debt deal crisis and the reaction by equity market yesterday.
Key Quotes
“The focus for investors overnight has been on Greece. Greek stocks fell another 2.7% and bond yields climbed as investors digested the weekend’s discouraging headlines.”
“Sentiment wasn’t helped by ECB Governing Council member Christian Noyer’s observation that reaching an agreement with Greece is “extremely urgent, it’s a matter of days”. Noyer also played down the implications of a Greek exit from the euro zone as a potential cause of instability.”
“According to EU sources cited by Bloomberg, creditors are now waiting for another counter-proposal from Greece. Weighed down by Greek concerns the Stoxx600 fell a further 0.9% – its fifth consecutive daily decline – to record its lowest close since February.”
(Market News Provided by FXstreet)