Posts Tagged ‘Greece’
Asian Stocks Are Mixed As Greek Debt Talks Continue
Asian stocks markets are mixed as uncertainty over Greece’s debt swap talks continues.
A mixed bag of earnings didn’t help Japan, where the Nikkei fell eased from its three-month high.
Here’s how the markets look:
Japan’s Nikkei 225 is down 0.17%
Korea’s Kospi Index is up 0.12%
China’s Shanghai Composite is down 1.43%
Hong Kong’s Hang Seng is up 0.07%
Australia’s S&P/ASX 200 is up 0.30%
This comes after U.S. stocks closed moderately lower on Monday.
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European Stocks, US Futures Fall As Greek Debt Negotiations Stall
Stock markets across Europe are are falling early in the trading session. The Euro Stoxx 50 is down 0.8%.
Britain’s FTSE 100 is down 0.5%.
Germany’s Dax 30 is up 0.5%.
France’s CAC 40 is down 1.0%.
Spain’s IBEX 35 is down 0.8%.
Italy’s FTSE MIB is down 0.6%.
Greek debt swap negotiations made little progress over the weekend and will continue today. Prime Minister Lucas Papdemos set a Monday deadline for the a final deal. Greece may lose access to future bailout funds if an agreement isn’t reached, which would put the country at risk of a default in the coming weeks and months.
Meanwhile, U.S. futures are also selling off. Dow futures are down 64 points and S&P 500 futures have dropped 8 points.
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See Also:
- REPORT: Papademos Is Considering Resigning If He Can’t Get Support For New Austerity Measures
- GREECE: WE HAVE JUST HOURS TO STRIKE A DEAL
- Here’s The Real Problem With Getting The Greek Deal Done
Here’s The Real Problem With Getting The Greek Deal Done
Greece wants to have a deal on debt restructuring done by tonight, though technically it won’t go into a real chaotic default until March.
Here’s the problem though, it’s not just about getting its creditors to agree to take a given haircut on their holdings.
Euro zone finance ministers told Greece it could not go ahead with an agreed deal to restructure privately held debt until it guaranteed to implement reforms to secure a second financing package from the euro zone and the IMF.
Euro zone ministers had hoped to meet on Monday to finalize the second Greek bailout, which has to be in place by mid-March if Athens is to avoid a chaotic default, but the meeting was postponed because of Greek reluctance to commit to reforms.
This isn’t new, but it’s worth repeating… The problem isn’t just restructuring, but getting more aid, which will be on the condition of more reforms, which are already tearing apart society.
Tick… tick… tick…
UPDATE: Kathemirini reports on a Jean-Claude Juncker interview in Der Spiegel wherein he apparently says the same thing, that Greece’s choice is basically: Default or reform. The key thing here is that Euro leaders just don’t seem scared of default anymore. In this post LTRO world, Greece has lost its leverage.
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See Also:
- GREECE: Debt Deal Talks Will Continue Through Monday
- Emergency Meeting Called In Greece, New Sign Bailout May Be In Trouble
- REPORT: ECB Involvement Is Now Make Or Break Condition Of Greece Debt Deal