Spreadex Market Update
Greek payment delay weighs on markets as debt debate sees latest twist
Understandably this move hasn’t endeared Greece’s creditors to its cause, especially since reports suggest that Greece could have found the money for the payment, but defiantly chose not to after being angered by the supposed severity of its creditors’ demands. Especially put out is Christine Lagarde, who only hours before the delay announcement had assured reporters that Greece would make the payment. This move by Greece means the debt debate has ratcheted up another gear; the decision not to pay is either a sign of a country that isn’t willing to be exploited by its lenders, or, an example of a government desperately scrambling to delay the inevitable. Most likely, it’s a bit of both.
Investors, who had already shown the extent of their Greek jitters during the big swings in Thursday’s trading, have pushed the Eurozone indices further into the red, but only just. Whilst the non-payment today is fairly emblematic of the discord that remains between both sides, the delay also pushes the issues slightly further down the road, meaning Friday’s trading could be less volatile than initially thought dependant on how short-sighted investors are willing to be.
Like the Eurozone the FTSE opened Friday in less than robust health, slipping to a one-month low in the process. Whilst the Greek situation rumbles on, the FTSE will also have a particular interest in the outcome of the OPEC meeting that is ongoing throughout the day. The latter half of this week has seen the UK index weighed down by its commodity stocks a copper and Brent Crude both took a tumble; any negative news for the latter will only exacerbate an already tricky situation for the FTSE.
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