The Eurozone debt crisis continues to alarm the financial markets, with the FTSE 100 expected to suffer more losses on Tuesday. Photograph: Ivan Milutinovic/REUTERS
Evangelos Venizelos (left) pictured with German economy minister Philipp R�sler last month. Photograph: Louisa Gouliamaki/AFP/Getty Images Greece's finance minister Evangelos Venizelos - who is also George Papandreou's deputy - has checked into a clinic having suffered stomach pains.
Here's the official statement from the finance ministry:
The Deputy Prime Minister and Finance Minister Evangelos Venizelos visited early this morning Athens's Central Clinic with abdominal pain, which has since improved.It is expected that he will remain in the clinic until late this afternoon.
Since being appointed finance minister in June, 54-year old Venizelos has been engaged in seemingly non-stop negotiations over the euro debt crisis.
As Reuters puts it:
Like many of their EU counterparts, Greek officials have worked punishing hours under enormous stress for months. The debt crisis has taken its toll not only on their country and the euro, but on their health.
Traders are braced for a sharp sell-off when trading begins at 8am. Will Hedden of IG Index says some "vicious pre-market calls" are flying around, with Germany's DAX tipped to tumble by 3%.
Looking at the future market now, the FTSE 100 index is expected to fall by over 100 points, which would wipe another chunk out of last week's relief rally.
Michael Hewson, market analyst at CMC Markets, has warned that the next few weeks are "likely to remain fraught with uncertainty":
While it may be the democratic thing to do given the loss of fiscal sovereignty to the troika until 2020, what happen if Greece votes "no", which is possible given how unpopular the bailout plan appears to be amongst Greece's voters?
The resulting fallout could well result in a complete meltdown of the European banking system and throw Europe into turmoil.
Morning all. Just when Europe appeared to have made progress over its sovereign debt crisis, it faces more uncertainty and confusion.
The cause? Greece's decision to propose a public referendum on the bailout deal agreed last week. As we reported last night, the move has stunned European leaders, who must have left Brussels feeling a sense of achievement.
City traders have already predicted fresh losses on the FTSE 100 today, on top of Monday's 158-point drop.
We'll also be tracking the latest developments at MF Global, the US brokerage firm which filed for bankruptcy protection on Monday after running up $6.3bn worth of exposure to European debt.
And in the UK, economists and politicians are eagerly awaiting the publication of UK GDP for the third-quarter of 2011. How well, or badly, did Britain's economy fare during the summer?
Source: http://www.guardian.co.uk/business/blog/2011/nov/01/european-debt-crisis-greece-referendum
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