European bourses to lowest level after Greece votes 'No' to austerity

GMT 21:31 2015 Monday ,06 July

Arab Today, arab today European bourses to lowest level after Greece votes 'No' to austerity

European bourses
London - MENA

European stock indexes went down sharply during Monday sessions for a response to a resounding "No" from Greek voters in a referendum on austerity which could send the country crashing out of the Eurozone.

Euro STOXX index 600 fell around 1.05 percent, recording its lowest level since February.

Also, German DAX 30, French CAC 40 and Spanish IBEX 35 went down by 1.55 pct, 1.88 pct and 2.29 percent respectively.

In achieving a decisive “no” vote in Sunday’s referendum, Alexis Tsipras, the Greek prime minister, has implemented the credo attributed to his forebear Philip of Macedon, father of Alexander the Great: divide et impera. (Divide and rule.), Market Watch reported.

The failure of the creditor countries, led by Germany and the Netherlands, to recognize a central maxim of guerrilla fighting — the enemy will always surprise — provides a key reason for the oxi (no) win. If you’re outnumbered, practice the unorthodox. Tearing up the rules of Brussels conduct, Tspiras and Yanis Varoufakis, his finance minister-cum-field-marshal, have outmaneuvered and divided the surplus states by constantly re-engaging, over five months, from unexpected, demanding and outrageous battle positions, the site said.

Creditors and debtors alike will be punished. Greece faces a wrenching period of infighting and pain, during which devaluation-stamped bank notes, rationing of high-street goods and exchange controls enforced by armed police will be only the least of the ills, the site added.

The Syriza partisans arrived in power in January on the horns of an impossible trilemma. They wanted simultaneously to end austerity, gain debt relief and remain in the euro. The chances are that Greece will say goodbye to the single currency. They lack the means to stay. If they are forced out, the Athenians will go neither quietly nor with good grace. They will threaten to bring the edifice crashing down around them.

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