Global markets rattled by Greece ‘no’ vote

Fortune

SYDNEY/TOKYO – The euro and stock prices fell sharply in Asia on Monday after the Greeks had overwhelmingly rejected austerity measures demanded in return for bailout money, putting in doubt its continued place in the single currency.

U.S. equity futures dropped around 1.4 percent while Japan’s Nikkei shares fell 1.4 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent.

Adding to the anxiety among investors, China’s stock market face a make-or-break week after a 30 percent plunge in the last three weeks forced officials to roll out an unprecedented series of steps at the weekend to prevent a full-blown market crash.

While early price actions have been choppy, dealers emphasised that markets were orderly with no signs of financial strain and expectations were high that the European Central Bank would step in early with a pledge of extra liquidity.

The Japanese government said it was…

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