oil and gas sector sell down, page-3

Greek default (almost €400 billion) is the dark cloud over Europe and the rest of the financial world. The debt will affect many financial institutions who may have to refinance to make their balance sheets look better. This means they may have to sell off some investments like shares or at least it will reduce their risk appetite and they won't be out buying speculative stock. The world economic fallout is not as bad as the previous GFC. The main problem for Europe is political.
Greek and Russia have major common interest in the gas pipeline from Russia which has to cross Greek Territory. So Uncle Vladimir has golden opportunity to help Greece and at same time gain major strategic advance in Europe. Which, you bet, he will do.
So I'm not bullish about the stock markets at the moment.