Survivors of Nothingness – Part Three: Politics ... Chaos as a Tool of Governance    Egypt makes news oil, gas discoveries in Nile Delta    Egypt's exports to EU surge 7.4% to $8.7b in 8 months — CAPMAS    Egypt's Sisi hails Japan's first female PM, vows to strengthen Cairo-Tokyo ties    EU's Kallas says ready to deepen partnership with Egypt ahead of first summit    Egyptian pound shows marginal fluctuations versus dollar in early Wednesday trade    Egypt ramps up preparations for Grand Egyptian Museum opening    El-Shimy, UAE Ambassador discuss strengthening industrial, investment cooperation    Egypt's Finance Minister calls for new mechanisms for sustainable debt management    Fragile ceasefire in Gaza: Egypt's intelligence chief visits Israel to advance peace process    Egypt, Qatar discuss Gaza aid, bilateral cooperation    Egypt, France agree to boost humanitarian aid, rebuild Gaza's health sector    Egyptian junior and ladies' golf open to be held in New Giza, offers EGP 1m in prizes    The Survivors of Nothingness — Part Two    Egypt discusses troop deployment to Somalia with foreign minister    Egypt's PM reviews efforts to remove Nile River encroachments    Health Minister reviews readiness of Minya for rollout of universal health insurance    Egypt screens 13.3m under presidential cancer detection initiative since mid-2023    Egypt launches official website for Grand Egyptian Museum ahead of November opening    The Survivors of Nothingness — Episode (I)    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt, WHO sign cooperation strategy to strengthen health system through 2028    Egypt successfully hosts Egyptian Amateur Open golf championship with 19-nation turnout    Egypt: Guardian of Heritage, Waiting for the World's Conscience    Egypt, Qatar sign MoU to boost cooperation in healthcare, food safety    Egypt will never relinquish historical Nile water rights, PM says    Al Ismaelia launches award-winning 'TamaraHaus' in Downtown Cairo revival    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt's Sisi warns against unilateral Nile actions, calls for global water cooperation    Egypt unearths New Kingdom military fortress on Horus's Way in Sinai    Egyptian Open Amateur Golf Championship 2025 to see record participation    Syria releases preliminary results of first post-Assad parliament vote    Karnak's hidden origins: Study reveals Egypt's great temple rose from ancient Nile island    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Markets fall after Greek talks collapse
Published in Ahram Online on 17 - 02 - 2015

Stocks fell and lower-rated euro zone bond yields rose on Tuesday after talks between Athens and its European partners over the country's debt crisis collapsed, raising doubts about Greece's future in the currency bloc.
The broader market was not in panic mode, however. The euro was only slightly lower and equity market losses, outside Greece, were slim as investors held out hope for a deal after Greece's finance minister voiced confidence that an agreement on different terms was within reach.
"The failure (of the talks) raises somewhat the 'tail risks' that no deal will be reached by month-end to avoid a disorderly conclusion," said Chris Scicluna, head of economic research at Daiwa Capital Markets Europe.
"(But) we should still expect a compromise eventually to be found before the end of the month to preserve stability and maintain Greece within the euro area."
Both sides raised the prospect of another attempt to find common ground before the end of this week, but patience has frayed on both sides and time is running short. The European Central Bank is set to decide on Wednesday whether to maintain emergency lending to Greek banks, and the state faces some heavy loan repayments in March.
Greek markets were among the worst hit in Europe, with Athens' main ATG share index down by more than 4 percent and Greek three-year government bond yields up 2 percentage points at 19.72 percent. The pan-European FTSEurofirst 300 equity index fell 0.6 percent.
Without support from creditors, the Greek government and banks would face a looming euro cash crunch, possibly opening the way for Greece to become the first country to ditch the common currency altogether and re-introduce its own currency.
"A failure to reach an agreement in the coming weeks could easily trigger bank runs, ECB liquidity withdrawal, and even a Grexit (from the euro)," said Jan von Gerich, strategist at Nordea. "The stakes are thus high."
The MSCI all-country world stocks index was down 0.2 percent, after touching its highest since September on Monday.
Japan's Nikkei share average and MSCI's broadest index of Asia-Pacific shares outside Japan both dipped 0.1 percent.
In commodities markets, Brent crude prices extended their rally beyond $62 a barrel on Tuesday as the International Energy Agency warned of supply risks in the Middle East, although some analysts said that prices had risen too far from six-year lows hit in January.
The crude rally helped support the Russian rouble which also rose thanks to political efforts to make a ceasefire hold in eastern Ukraine, but gains were capped by uncertainty about the ceasefire's fate.
http://english.ahram.org.eg/News/123276.aspx


Clic here to read the story from its source.