Outside the Eurozone, the FTSE 100 is down by 0.5%., over in Asia where investors are also nervous about a slowdown in the Chinese economy, it’ a similar story. “The Greece no vote is a surprise,” said Shoji Hirakawa at Okasan Securities in Tokyo. “But the key is that the direction is going toward more talks after this.”
It would seem that a bit of a muted reaction from the markets may be an indicator that investors’ perception that a Grexit is more and more likely, it seems many think it might b eunlikely to have disastrous consequences for the Eurozone.
In the UK, George Osborne has been holding crisis meetings with the prime minister, and the Bank of England governor, Mark Carney. The governor has already been attending meetings of Cobra as the Greece crisis deepened last week he has said that contingency plans for a potential Grexit have been talked about being put in place.
The situation could put more pressure on the government to speed up the UK’s timetable to renegotiate membership of the EU, John Longworth, director general of the British Chambers of Commerce said “The prime minister may get an early, and important, opportunity to put the case for fundamental reform of the UK’s relationship with the EU,” “Businesses will want him to seize this opening.”
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