Asian stocks rose,
with the regional benchmark index rebounding from the biggest drop since
February 2014, as investors weighed developments in Greece’s debt
crisis before an emergency meeting of European leaders.
The MSCI Asia Pacific
Index gained 0.4 percent to 144.06 as of 9:02 a.m. in Tokyo after
falling 2 percent on Monday. The initial shock waves that hit markets
after Greece’s decision to call a referendum on austerity terms
dissipated into a ripple by the end of Monday trading, as investors
speculated the crisis wouldn’t spread beyond the nation’s borders.
Greece is now under pressure to come up with a plan to stay in the euro
after Greeks voted to reject further austerity in Sunday’s vote.
Euro-area leaders and
finance ministers gather Tuesday for an emergency meeting after German
Chancellor Angela Merkel said “time is running out” for Greece to come
up with a plan to stay in the currency union. The European Central Bank
maintained the level of Emergency Liquidity Assistance available to
Greece, while tightening terms related to collateral. Greek banks remain
shut through Wednesday.
Greek Prime Minister
Alexis Tsipras replaced Finance Minister Yanis Varoufakis, who resigned
Monday after more than five months of fruitless back-and-forth in
negotiating with creditors. Tsipras is betting that a less
confrontational face will help him bring German Chancellor Angela Merkel
and other European leaders back to the table.
Source : Bloomberg
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