Business World

Sunday 24 September 2017

Eurozone uncertainty continues to plague shaky markets

MOUNTING uncertainty in the eurozone continued to plague European markets today as leaders from the world's wealthiest nations fought for a resolution to the region's debt crisis.

The FTSE 100 Index was more than 1% lower after EU leaders, in Cannes for the G20 summit, told Greece that its referendum on the hard-won rescue deal will decide whether it remains in the eurozone.

German chancellor Angela Merkel and French president Nicolas Sarkozy told Athens it will not receive its next 8 billion euro (£6.9 billion) bailout tranche until the referendum has passed.

Stan Shamu, market strategist at IG Markets, said: "It is certainly crunch time in Europe now with the next few weeks set to be nail-biting."

Germany's DAX was down 2% while the Cac-40 in France was off nearly 3% after the latest developments in Cannes also triggered a weak session in Asia.

Press Association

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