Greece default fears
affected the global markets
June 30,
2015
The Global equity markets declined
on increasing concerns of Greek debt default and a possible exit from the Euro
area. In addition Greece has closed its banks and
imposed capital controls. Certainly the failure to pay the IMF debts will affect
the economy of the Euro zone.
In fact, the markets have suffered
sharp losses after Greece
failed to reach an agreement with its lenders who have refused to extend
Greece bailout program. Pushing the
investors to turn away from risk aversion and invest in safe haven assets like
the Gold and Yen. While the Euro dropped against the U.S Dollar hitting a low of
$1.09
The Greece
default fears have not only affected the European and Asian stocks which
fell
significantly, but also the U.S markets like: Wall Street, Dow
Jones.
Even the Arab markets have
declined yesterday including Saudi
Arabia stock market along with Dubai, Abu Dhabi,
Qatar and Kuwait,
where their general indexes witnessed a significant decline. Furthermore, crude
oil has continued its bearish trend to trade below three-week lows.
