Greek crisis causes markets to slide

Greek flagUncertainty over Greece’s future in the Eurozone has caused stock markets to slide and the Euro to weaken.

Greece has closed its banks for the week because the European Central Bank has decreed it won’t make emergency funding available to the country. Greece has also limited its citizens to withdrawing only 60 Euro a day.

The crisis means tech companies are affected once again – many US multinationals have had to register the effects of the dollar-Euro exchange rate in their quarterly financial results.

The FTSE this morning fell by close to two percent this morning, while France’s and Germany’s stock markets fell more than three percent. The Euro at press time hovered close to US dollar parity.

Greece has to make a 1.6 billion Euro payment to the International Money Fund (IMF) fund tomorrow with market analysts suggesting that there is now a strong possibility that the country has to exit the Eurozone.