greece update

From IGM News Feed

[RISK AVERSION] is picking up steam in early Asian dealings on the evolving Greek drama. Increasingly frustrated EU/IMF officials have clearly signalled to Greece that they will not be receiving a single cent of aid until a referendum is held on Dec 4-5 as to whether they want to stay in the Eurozone. In the event of a "no" vote, this implies "no" to the now suspended 6th aid tranche of Eur 8bn, and the prospects of Greece being broke by mid Dec. In fact reading between the lines, EU officials appear to be preparing to let go of the debt ridden nation, with both Merkel and Sarkozy saying Euro stability is above Greece, and firewall measures to be expedited. Banking stocks risk to be hit hard as the prospects of a disorderly Greek default rise, with S&P futures currently 0.60% in the red, Aust stocks 0.35% easier and Aud and Euro heading lower despite positive o.n Wall St leads.