We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
Euro drops against dollar after Greek referendum early results
The euro was dropping against the dollar on Sunday after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors.
PHOTO: REUTERS
[NEW YORK] The euro was dropping against the dollar on Sunday after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors.
One euro was worth US$1.0987 at 1915 GMT, down 1.20 per cent from Friday night, in electronic trading before Asian markets opened.
Earlier in the day, the euro had fallen to US$1.0963, with about 50 per cent of votes counted in the Greek bailout vote.
The early official results showed that more than 61 per cent of Greeks had voted 'No' to creditor demands for further austerity in return for a bailout.
A failure to reach a deal with the creditors could trigger a Greek exit from the eurozone, and after the ballot, Greece's government said it would step up efforts to reach a bailout agreement with creditors.
"The initiatives will intensify from this evening (Sunday) onward so that there can be a deal," government spokesman Gabriel Sakellaridis said on Greek television.
Asia: Markets sink after Greece votes 'No' to austerity
PHOTO: EPA
[HONG KONG] Asian stocks mostly fell on Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders' next move.
In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.
Despite warnings from European leaders that Sunday's referendum was effectively an in-out poll on the euro, more than 60 percent of the voters heeded the government's call to vote "No", sending traders running for the doors.
Tokyo fell 1.34 per cent, Seoul shed 0.74 per cent, Sydney lost 1.33 per cent and New Zealand was off 0.80 per cent.
However, Shanghai opened up 7.82 per cent before easing to 4.08 per cent higher, while Hong climbed 0.70 per cent, riding the coat-tails of the mainland gains.
In Japanese trade the euro was at US$1.1054 and 135.50 yen, clawing back some of the losses suffered in New York electronic trade Sunday, when it fell to US$1.0963 and 134.91 yen.
Shinya Harui, currency analyst at Nomura Securities in Tokyo, said: "There is no particular reason for the euro to be holding up, but markets are still assessing the spill-over risks in the case of a Greek exit from the eurozone."
The government of Greek Prime Minister Alexis Tsipras had campaigned against accepting debt reform proposals from its creditors - the ECB, the European Commission and the International Monetary Fund (IMF) - claiming a "No" vote would strengthen his hand in negotiations.
German Chancellor Angela Merkel and French President Francois Hollande hastily called a European summit for Tuesday after stating the Greeks' decision must "be respected".
But Jeroen Dijsselbloem, leader of the Eurogroup of eurozone finance ministers, who had warned ahead of the poll that a "No" vote would likely lead to Greece exiting the single currency, termed the result "very regrettable".
And German vice chancellor Sigmar Gabriel took an even dimmer view, saying Mr Tsipras had "torn down the last bridges which Europe and Greece could have crossed to find a compromise".
He added that, despite Mr Tsipras' assertions, a fresh round of bailout talks now were "difficult to imagine".
GREXIT CHANCES 'VERY HIGH'
Analysts warned the decision had likely put Athens on course to exit the eurozone.
Nomura's Harui said: "I personally think the chance (of the Greek exit) is very high, at around 70-80 per cent.
"A Greek exit would shake confidence in what had been 19-nation solidarity, which could fuel anti-euro movements within Europe." And Mark Lister, head of private wealth research at Craigs Investment Partners in Wellington, told Bloomberg News: "There's a whole range of unpredictable outcomes.
"It's surprising that the 'No' vote won so convincingly, certainly more decisively than the polls had suggested. This puts us in limbo for so much longer and it's very negative for risk sentiment." On oil markets US benchmark West Texas Intermediate for August delivery fell US$1.73 to US$55.20 a barrel and Brent crude for August eased 52 cents to US$59.80 in morning Asian trade.
Gold fetched US$1,169.02 compared with US$1,168.43 late Thursday.
Japan in close contact with other governments on Greece, ready to respond: official
Japan is in close coordination with other governments on Greece's vote rejecting the terms of an economic bailout, and is ready to respond as appropriate, including in financial markets, a senior Japanese official said on Monday.
PHOTO: REUTERS
[TOKYO] Japan is in close coordination with other governments on Greece's vote rejecting the terms of an economic bailout, and is ready to respond as appropriate, including in financial markets, a senior Japanese official said on Monday. "We are communicating closely with overseas authorities, analysing the information" on the referendum and its aftermath, the official told Reuters. "We are ready to respond seamlessly, including in the markets." The official would not elaborate on what steps the authorities might take.
The yen rose against the dollar and euro in early trade after the vote, where Greek citizens rejected European bailout terms by a wider margin than expected.
Japanese government and Bank of Japan officials were meeting around 7.30 am Japan time (2030 GMT on Sunday) to discuss the situation, an official said.
Greece says has no plans to issue parallel currency
Greece's government is not considering printing a new currency, a government official said on Sunday, after opinion polls showed that Greeks are set to reject an aid package from creditors in a referendum, and before polls officially closed.
PHOTO: AFP
[ATHENS] Greece's government is not considering printing a new currency, a government official said on Sunday, after opinion polls showed that Greeks are set to reject an aid package from creditors in a referendum, and before polls officially closed.
"We are not discussing a parallel currency," Euclid Tsakalotos, the coordinator of negotiations with the country's creditors, told Star TV.
"I do not think...that they are going to throw us out. We are ready to meet them as early as tonight." Eurozone policymakers had earlier warned a 'No' vote would make it difficult for the European Central Bank to offer Greek lenders the emergency financial assistance they rely on.
