“Risk-on” trading sentiment has suffered after the European finance ministers stalled the second bailout package for Greece, demanding that the Greek parliament approve the terms of the package of cuts and reforms. This has made the situation difficult for Greece with the Greek Finance Minister, Evangelos Venizelos, indicating that the parliamentary vote set to begin this weekend amounted to a vote on euro membership.
Meanwhile, the outcome of yesterday’s monetary policy meeting of both the BoE and the ECB was in line with market expectations. Both central banks kept their benchmark interest rates unchanged, with the BoE announcing an additional £50 billion stimulus.
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