Asia’s financial markets are bracing for a turbulent week as a flurry of central bank decisions and economic data on tap will likely add to the simmering uncertainty over Greece’s future in the euro zone.
In a crucial referendum held on Sunday, Greece voted decisively in favor of the ‘No’ option – indicating their support for Athens to turn down the latest bailout terms offered by foreign creditors and amplifying Greece’s chances of exiting the euro zone. Following the results, Greek Prime Minister Alexis Tsipras on Monday called for “a strong national front” to negotiate a way out of the country’s debt crisis.
“We argue that a ‘Grexit’ is now the most likely scenario. Agreeing on a program with the current Greek government will be extremely difficult for euro zone leaders, given the Greek rejection of the last deal offered and it will be a difficult sell at home, especially at the Bundestag or in Spain ahead of the General Elections,” Barclays analysts wrote in a note released early Monday.
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