They’re still counting the votes, but so far the “No” vote has the lead. In other words, “No” the Greek people do not want to accept strict fiscal austerity measures in exchange for desperately needed bailout money.
In a post on Facebook, Allianz’s Mohamed El-Erian offered a brief preview of things to come should the “No” vote win.
“IF this historic “no” win is confirmed, look initially for a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral Eurozone economies and emerging markets,” he wrote. Continue reading