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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.