Market Bulletin – 6 July 2015

The Euro temporarily lost ground last night after 61.3% of Greeks voted “No” to reject the austerity measures demanded by its international creditors during their referendum.

Prime Minister Alexis Tsipras has said Greeks made a “brave choice” as thousands celebrated in the streets after hearing the final result despite European officials warning that it could see the country ejected from the Eurozone.

Greece’s governing Syriza party had campaigned for a “No”, saying that the bailout terms were humiliating. Mr Tsipras said late on Sunday that the Greeks had proved that “democracy won’t be blackmailed.”

To further add to the turmoil, Greece’s finance minister – who often clashed with creditors, resigned. Yanis Varoufakis wrote on his blog that he had been “made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings”.

This morning we learned Yanis Varoufakis has resigned saying it was felt his depature would be helpful in finding a solution to the country’s debt crisis.

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