Euro drops against dollar after Greek referendum early results
[NEW YORK] The euro was dropping against the dollar on Sunday after early results of the Greece bailout referendum suggested the country rejected fresh austerity demands from EU-IMF creditors.
One euro was worth US$1.0987 at 1915 GMT, down 1.20 per cent from Friday night, in electronic trading before Asian markets opened.
Earlier in the day, the euro had fallen to US$1.0963, with about 50 per cent of votes counted in the Greek bailout vote.
The early official results showed that more than 61 per cent of Greeks had voted 'No' to creditor demands for further austerity in return for a bailout.
A failure to reach a deal with the creditors could trigger a Greek exit from the eurozone, and after the ballot, Greece's government said it would step up efforts to reach a bailout agreement with creditors.
"The initiatives will intensify from this evening (Sunday) onward so that there can be a deal," government spokesman Gabriel Sakellaridis said on Greek television.
AFP
Read more on the Greek crisis here
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Yen pares some of sharp rise after suspected intervention, dollar steady
Deutsche Bank raises Postbank pay by 12.5% in new cost headwind
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%
ING unveils 2.5 billion euros buyback as profit beats estimates
DBS chief expects 2024 earnings to hit new highs as Q1 profit rises 15% to S$2.95 billion
Banking giants race to Riyadh as MBS steps up pressure campaign