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What’s the rush?

Published Wednesday, July 8th, 2015

Warnings of impending doom were abound as expectant eurozone finance ministers gathered for the latest Eurogroup meeting but they were left wanting after Greek representatives failed to put forward a promised list of revised economic reforms. Although the embattled country’s new finance minister was said to have made a better first impression than his abrasive predecessor, markets were taken back by the lack of urgency displayed by Greece’s leaders who have undoubtedly been emboldened by last weekend’s referendum vote. Eventual assurances from Athens that it would make a request for a third bailout and provide an updated economic plan failed to lift the region’s stock markets as lingering concerns also sent the single-currency to a five-week low. Attention will now turn to an emergency summit scheduled for this Sunday where representatives from all 28 European member states will finally decide on Greece’s fate.

Meanwhile, the rout on Chinese indices showed little sign of abating and has quickly replaced the Greek debt crisis as investors’ primary concern. In spite of measures taken by Beijing, the Shanghai Composite fell another 6% and takes the loss since mid-June to 30%. Chinese authorities have remained committed to overcoming the turmoil by pledging to provide adequate liquidity in a move reminiscent of Mario Draghi’s pledge in 2012 to do whatever it takes to save the euro. Such assurances have provided little comfort to the companies whose shares are listed on the country’s various exchanges where almost 45% of all listed entities have suspended trading in an attempt to shield themselves from the slump.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.