Traders banking on ‘yes’ from Greece

Heading into the close European equity markets are driving lower as traders cash in their positions ahead of the Greek referendum. 

City of London
Source: Bloomberg

The eurozone debt crisis has dragged on for five painful years, and this weekend’s referendum could be Greece’s road to Damascus moment. It is time for Greece to shape up or ship out, and dealers aren’t taking any chances as a ‘no’ vote could keep the banks shut for another week.

The country is at breaking point as ATM’s are running out of cash, and food supplies in shops are depleting quickly. To top it all off the public must make a difficult decision to accept additional austerity or risk being kicked out of the eurozone.

An Athens-based newspaper, AVGI, has put the ‘no’ campaign fractionally ahead, and this is fuelling fears that stock markets and the euro will plummet next week. IG is  offering a binary bet on the outcome of the Greek referendum, and our clients are indicating a 72% chance of a ‘yes’ vote.

Dealers are deleveraging their books going into the weekend, and the closure of the US market owing to the Fourth of July celebrations has prompted traders on this side of the Atlantic to wind down early. Take a long and hard look at the eurozone because it could start to look very different from Monday. 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.