WORLD_ European shares keep sliding as Greece misses debt deadline

ABC NEWS

European shares keep sliding as Greece misses debt deadline

By finance reporter Simon Frazer
Updated about 5 hours ago
Wednesday, 1 July 2015

European markets fell further overnight as Greece missed a key deadline to make a massive loan repayment, though Wall Street did bounce back modestly from its Greek debt blues.

The Greek government made a last minute bid for a fresh eurozone bailout package, though the request came far too late to allow it to meet its 1.5 billion euro obligation to the International Monetary Fund.

"I confirm that the SDR 1.2 billion repayment (about 1.5 billion euros) due by Greece to the IMF today has not been received. We have informed our executive board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," said the IMF's director of communications Gerry Rice.

"I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's executive board in due course."

Greece also asked eurozone countries for a new funding mechanism with no ties to the IMF and worth nearly another 30 billion euros over two years, but was quickly rebuffed ahead of this weekend's referendum.

"We'll negotiate about absolutely nothing before the planned referendum is held," German chancellor Angela Merkel said in Berlin.

Key European leaders have suggested the vote on Sunday will amount to a decision on whether Greece wants to retain the euro as its currency, as the "yes" and "no" camps have held rival rallies in Athens.

European investors were hardly reassured by the developments, with the Euro Stoxx index closing down another 1.3 per cent, or 45 points, to 3,424.

The German DAX lost 1.25 per cent (138 points) to 10,945, the CAC 40 in France fell 1.6 per cent (80 points) to 4,790, and London's FTSE 100 dipped 1.5 per cent (100 points) to 6,521.

The markets that were hardest hit yesterday and seen as most vulnerable to Greek contagion got off a little more lightly though; Spain's IBEX 35 slipped 0.8 per cent (84 points) to 10,770 and Italy's FTSE MIB closed down 0.5 per cent (109 points) to 22,461.

There was far more optimism across the Atlantic, or investors simply decided they overestimated the likely fallout of a Grexit.

Having been hit with its biggest fall of the year yesterday, the Dow Jones Industrial Average closed just over 0.1 per cent (23 points) higher at 17,620.

The broader market gained more ground, with the S&P 500 adding nearly 0.3 per cent (5 points) to 2,063.

There was also positive news on the home front for US traders, with private research indicating American consumer confidence rose to near its highest levels since the global financial crisis.

Futures trade suggests the Australian share market will follow Europe into the red this morning; the ASX SPI 200 was 29 points, or 0.5 per cent, lower at 5,368 at 7:50am (AEST).

West Texas crude oil rose overnight to $US59.43 a barrel, but spot gold fell to $US1,172 an ounce.

Iron ore is also lower at $US59.30 a tonne.

The Australian dollar was up against all the major currencies; at 7:50am (AEST) it was buying around 77 US cents, 69.1 euro cents, 49 British pence and 94.3 Japanese yen.

From other news sites:

* The Australian: US stocks rise but European markets slump on Greek crisis

* Daily Mail: FTSE CLOSE: Footsie tumbles again as Greek deadlock continues; US stocks flat despite upbeat consumer data ***



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