Asian stocks fell as Greece voted against accepting further austerity, increasing the likelihood of the country’s exit from the euro zone.
The MSCI Asia Pacific Index slid 0.5 percent to 145.65 as of 9:01 a.m. in Tokyo. Sixty-one percent of voters backed Prime Minister Alexis Tsipras’s rejection of further spending cuts and tax increases in an unprecedented referendum that’s also taken the country to the brink of financial collapse. The results mean Greece exiting the currency union is now the base scenario, JPMorgan Chase & Co. said. Japan’s Topix index sank 1.5 percent as the yen gained 1.2 percent against the euro.
European Union President Donald Tusk called a euro-area summit for Tuesday. While the European Central Bank’s Governing Council is due to talk on Monday on whether to keep supporting Greece’s lenders, it’ll probably be reluctant to preempt such a meeting.
Source : Bloomberg