The Greek tragedy could soon see a role reversal as world markets open to the resounding 'No'
Greeks handed embattled Prime Minister
The vote has now put global financial markets on tenterhooks as they await either debt-laden
``The mandate that you have given me does not call for a break with Europe, but gives me great negotiating strength,'' Tsipras tweeted after 61 percent of the votes were against more austerity in a nation whose
Indian markets are likely to see a gap down opening in early deals as stocks give a knee-jerk reaction to the vote. Foreign investors are likely to book more profit on Indian stocks as our market have been relatively more resilient to the Greek-EU crisis compared with Chinese and Japanese markets.
The Nifty may see support coming in from domestic financial institutions who often use periods of crisis to buy quality blue chips at lower prices.
Meanwhile, French and German heads of states have called an emergency meeting of the 19-nation European Union to discuss further measures against Greece, whose banks have little or no cash to give out to depositors and businesses and its economy is in a downward spiral.
``Our immediate priority is to restore the banking system,'' Tsipras told supporters after the counting was over. ``I am confident that the ECB fully realises the humanitarian side of the crisis in our country.''
Analysts expect European financial institutions to continue lending support to Greek banks that have put capital controls in place.
``The ECB may not want to see the Greek banking system go down in flames overnight -- before some sort of smoothing exit arrangements can be made that could enable Greece to have a decent survial chance outside the Euro,''
(image credits: prospectmagazine)
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