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Greece referendum: European and American markets, "free fall"

Beijing on Tuesday night, Wall Street  exchange in the melancholy, and a crash date.
At press time (Beijing time 22:00 pm), opening near the three  major U.S. stock indexes fell below 2%.  Europe stock market earlier  opened the  declines is more, French CAC40 index fell 4.8%, the UK ftse 100 index fell 2.7%, German DAX index slumped 4.8% ,and even once had deep fall to 6%.
Greek Prime Minister PaPanDeLiOu local time on Monday night in a speech  said, the Greek government on the new aid program wil be a national vote. Market concerns, and if the new aid program is rejected and Greece may soon fall into debt default.
The news spread, the euro fell 1.3% to 1.3579 +, close to the nearly three weeks since the low; At the same time, the German 10-year yield fell 20 basis points to 1.82%.
The Greek ASE index plunged nearly 6%, down in nearly a month the most, the debt exposure affected, the financial industry also have plunged, of which the French industrial bank, agricultural bank of credit are plunged more than 10% plate.
Italian 10-year yield rose 13 basis points, to 6.21%, and although the European central bank to buy Italy that day for Treasury bonds, 5 10-year Treasury yield but touch the euro zone since the foundation of the highest, rising 19 basis points, to 6.07%.
The most worry, the Spanish and Italian. If Greece up the "contract breaching nightmare" bankruptcy, liabilities for 1.9 trillion euros ($) for Italy, and Spain will face inevitable trouble, the European debt crisis spreading is unavoidable, in extreme cases, the euro collapse, the euro zone pattern of disintegration threat.
"With the help of a lot of the Greek Treasury bonds, the French Banks will suffer a great blow", the market personage points out, the crisis is "predictable".
Rating agency fitch ratings analysis thinks, the Greek "universal voting" added the region of the uncertainty of the financial stability, the eu has 20 countries effort, lead to Greece had to default, or even leave the euro zone.
In addition, as China PMI index on 10 November fell 0.8%, South Korea's export trade data growth continues to slow, and add more to global economic development of blocked concerns. Commodity market crash, by 10:00 points, New York commodity futures exchange December oil futures continue to fall 3%, below $90 a barrel.
"Europe worry crisis will be back for a long time, resulting in the euro ZouXiong," the French industrial bank analysts g Harriet Jacques said, "Greek worry about debt will lead to the chaotic default, so, the eu would be in a big turmoil."
But so $benefit, the dollar index rose for the third straight day, continue to rise 1.4% to 77.554. "The Greek political problems in Europe debt crisis still block the solving process," the bank of New York Mellon company foreign exchange analysts Michael hristo g says, "the eurozone bad case of will appear constantly, in this case, the dollar will continue to go strong."
Greece a referendum, cause a market soured. World bank President Robert zoellick said, if the Greek referendum result fails, the market will be a mess.
Euro group leaders said Tuesday, if the result is "veto aid program", it can't rule out the possibility of bankruptcy Greece, eurozone leaders will continue to discuss the problem of Greek referendum.
Italian prime minister silvio berlusconi, the Danish prime minister, Sweden's prime minister, Finland and the euro zone DuoFang leaders are think voice, the Greek government to allow people to decide whether to accept the decision of the aid program for no reason, once the veto, will affect other eurozone members, increase its own risk of default, and delay the euro area the solution of the banking crisis.
 However there are investor said that the situation may not be so pessimistic, American Tocqueville fund managers HuangYiBo said to our reporter  , "the key question is the government how to set the referendum questionnaire to expressed a positive manner, such as the European Union to borrow money over the difficulties may be win the support of the popular, and said, 'if pension reduction,  tax increase ", people will naturally reject . In fact, the European debt crisis continued to this day, the Greek people also are very clear and no more choice, to reject  rescue plan means that breach of contract, out of the euro zone, so to Greek is also extremely bad results; and if the referendum passed, then the current Greek Prime Minister  will have more political power in the future when dealing withthe European debt crisis, so it is not necessarily bad news for the long term."
Analysis on Tuesday  the European and American market crash, HuangYiBo think that more is because the collapse of market sentiment.




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