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Business lobby group the CBI appoints Carolyn Fairbairn – a former member of the Number 10 Policy Unit – as its new director general.
Turmoil hits the financial world as Greek banks are shut for a week, triggering a new phase of the eurozone crisis
Latest: Cameron says No vote means GrexitEuropean stock markets hit
El-Erian: Only 15% chance Greece stays in the euroIntroduction: Deepening crisis
Capital controls: the key points
Back in Athens, pensioners have been queuing outside some bank branches – even though the system has been shut down for a week.
Banks are closed but have seen quite a few pensioners, many of whom usually use banks rather than ATMs, outside them pic.twitter.com/SX6q1phb1v
All Europe’s main stock markets are deep in the red, after a nervy opening session.
David Cameron explains that a Downing Street team had been preparing for months for the possibility of a Greek exit from the Euro, and said he would put the “final touches” to a plan in a meeting later today.
“We must make sure we are prepared for any eventuality, that means advising British tourists, looking after British pensioners and people receiving benefits who are living in Greece as well as dealing with issues of Greek banks.”
“If this organisation is going to would it has to be flexible enough to work for both Eurozone members and countries that I believer are never going to join the Euro, like Britain. My point is that this organisation needs to have the flexibility of a network not the rigidity of a block. This is a two-way street… there are lots of difficult negotiations to come but every journey starts with a single step, as they say.”
David Cameron has just discussed the Greek crisis on BBC Radio 4’s Today Programme.
“If they vote no, I find it hard to see how that is consistent with staying in the euro, because there would be, I think, a very significant default and a very significant problem.”
#Cameron: Greek Referendum ‘No’ Vote May Lead to Debt Default
The overall European banking index has tumbled by over 4% in the opening minutes of trading, as investors react to last weekend’s drama.
Deutsche Bank’s Francis Yared explains that there will be short, and long-term consequences of the Greek crisis:
Given market optimism towards a Greek deal over the last week, the initial risk-off move could be pronounced.
Post the initial shock, the ECB’s response and sticky domestic capital should limit contagion. Longer term, the events in Greece are a stark reminder that the current eurozone architecture is vulnerable to domestic politics. This in itself will justify some structural risk premium unless there is an institutional change or further economic convergence
Bank shares across Europe are in retreat:
The German DAX and French CAC have both tumbled by around 4.4% at the open.
And the Portuguese stock market plunged by around 5.8%, as the Greek crisis ripples through the markets.
Europe’s stock markets are opening… and the FTSE 100 index has promptly tumbled by 2.2%, or 147 points.
France’s finance minister, Michel Sapin, has admitted that Greece could leave the euro, in an interview with France Inter radio this morning.
Of a euro exit for Greece, he said:
“It’s always a possibility, it’s a risk.”
“Do you want to continue the negotiations or do you want to take the risk of exiting the euro?”
The Economist Intelligence Unit reckons Grexit is now more likely than not:
#Greece referendum is game changer. Team revise probability of Grexit to 60%. Vote likely to either reject bailout deal, or reject Gov.
Mohamed El-Erian, the chief economic adviser at German financial services firm Allianz, believes there is only a 15% chance that Greece will stay in the eurozone.
“There’s an 85 percent probability that Greece will be forced to leave the euro zone.”
“What we are seeing here is what economists call the sudden stop, when the payment system stops. The logic of a sudden stop is a massive economic contraction, social unrest and it’s going to make continued membership of the euro zone very difficult for Greece.
Overnight, the Greek government released details of its capital control measures..
Here are the key points:
Overnight, markets from Mumbai to Tokyo were rattled by the Greek debt crisis:
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