In Sunday's Greek bailout conditions referendum, 61% of voters decided that they are not happy with the current terms of the loan issued by the IMF.
After the result the Greek finance minister Yanis Varoufakis stepped down from his position as he believed his unpopularity amongst Europe's political and financial elite, would be an impediment to a possible future deal.
Yesterday European markets opened lower but not as low as some analysts had expected, and until the Greek bailout saga is resolved positively I think it is fair to say the European markets could be making lower lows.
Right now European politicians and finance ministers are in an emergency summit, as they struggle to find a way out of the crisis. Greek banks are quickly running out of money even with the government issuing capital controls such as restricting a maximum withdrawal of €60 per day.
So will there be a Grexit?
We will have to see if there can be some sort of compromise agreed in the upcoming days.
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Labels: Alexis Tsipras, Bank of Greece, Default, ECB, Greece, Grexit, Investing, Smart Money, Varoufakis
