CCTV.com - CNTV English - CCTV News

EU markets dive

11-02-2011 13:42 BJT

Watch Video

Play Video

Despite that bright spot, European stocks are in free-fall, on track to suffer their biggest one-day sell-off in a month. That’s, of course, after Greece’s Prime Minister unexpectedly called a referendum on the latest bailout deal, putting a lot of uncertainty back on the table.

Greek stocks are plunging and shares in French banks are also taking a beating, with Societe Generale, BNP Paribas, and Credit Agricole all down as much as 10 percent. Looking at the major benchmarks, Frankfurt’s DAX is down 6%, Paris’ CAC is down 5.74%, and London’s FTSE is down 4%.

The euro also fell more than one percent versus the dollar and yen on Tuesday. Greece’s referendum may not take place until early next... and analysts say that is NOT going to bode well with markets, with the fate of the nation’s membership in the eurozone at stake.

Robert Halver, a trader with Baader Bank of Germany, said: "That’s shocking for the markets and we have no time to wait, maybe until spring time 2012 until the Greek government is able to hold a referendum on whether Greece will stay in the eurozone or not. That’s why we have a high level of uncertainty. For me, it’s done deal that the Greeks will say no and that’s good news because Greece can not stay in the eurozone. They have to leave, otherwise I see the end of the eurozone myself."

 

Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program