02-11-2011, 03:25 AM
Markets Dive on Greek Referendum
November 1st, 2011Via: BBC:US and European markets have fallen following Monday's announcement of a Greek referendum on the latest aid package to solve its debt crisis.
Eurozone leaders agreed a 50% debt write-off for Greece last week as well as strengthening Europe's bailout fund.
But the Greek move has cast doubt on whether the deal can go ahead.
New York's Dow Jones fell 2% on opening. London's FTSE 100 was down 3%, while the Dax in Frankfurt and the Cac 40 in Paris were down about 5%.
Shares in banks saw the biggest falls, with Societe Generale falling 16.9%, BNP Paribas down 14%, Credit Agricole down 12.9%, Commerzbank falling 10.7%, Deutsche Bank down 10.3% and Barclays 10.5% lower.
German Chancellor Angela Merkel is due to discuss the Greek announcement with French President Nicolas Sarkozy on the telephone.
Italian Prime Minister Silvio Berlusconi said it was "an unexpected decision that generates uncertainties".
Posted in Economy, Elite
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