European stocks rattled by Greek bailout tremors

February 10, 2012 20:06


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


LONDON - European shares suffered their steepest daily fall since January on Friday, with investors ditching banks as fresh cracks appeared in Greece's bid to secure an international bailout and avoid a chaotic default.

After weeks of wrangling and uncertainty a deal had looked almost in the bag on Thursday when Greek politicians agreed on a raft of austerity measures to appease their financial backers, sparking a relief rally on global markets.But cracks appeared overnight, with euro zone finance ministers telling Athens to do more. On Friday, a far-right Greek party leader said he would not back the austerity measures which are deeply unpopular with the public.

"It's another extension in the Greek drama and confirms that the markets have priced in to some extent that we will be able to get past this. So if the probability of a chaotic default increases a bit, that weighs on the market," Valentijn van Nieuwenhuijzen, head of strategy at ING Investment Management, said.

"The first reaction is a bit of an across-the-board reverse trade: sell the sectors which have done well over the last six weeks."

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
March 23, 2019
Incendiary balloons launched towards Israel - report