The Traderszone Network

After Yanis Varoufakis’ surprise resignation Monday, analysts are wondering whether a deal can now be struck with lenders.

If Greece misses the July 20 payment, the ECB is widely expected to cut emergency funding to Greek banks off entirely, which could cause them to collapse.
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ATHENS/FRANKFURT (Reuters) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout. Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

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While Greece’s creditors might have had the last word, we could always rely on Varoufakis to have some choice words of his own.

Equity managers overseeing more than $3.7 trillion said the game of chicken between Greek Prime Minister Alexis Tsipras and creditors threatens lasting damage to a European stock rally that earlier in 2015 added as much as $2.17 trillion to share prices.

Whatever happened after Greece’s vote, stock investors had time to prepare beforehand.

Hong Kong Exchanges & Clearing Ltd. will reintroduce a daily auction to set closing stock prices and impose temporary price controls to limit extreme share moves.