European Factors to Watch-Stocks seen sharply lower as Greece crisis worsens

lunes 29 de junio de 2015 01:38 GYT

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LONDON, June 29 (Reuters) - European stocks were expected to slump at the open on Monday, after Greece closed its banks and imposed capital controls to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight.

Financial spreadbetters expected Britain's FTSE 100 to open down by 178-200 points, or 2.6-3 percent lower. Germany's DAX was seen opening down by 408-442 points, or 3.6-3.9 percent lower, while France's CAC 40 was seen opening down by 169-184 points, or 3.3-3.6 percent lower.

After bailout talks between the leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece's banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing.

Greek banks will be closed and the Athens stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday.

Capital controls are likely to last for many months at least, while Greece also faces defaulting on 1.6 billion euros ($1.8 billion) of loans from the International Monetary Fund (IMF) that are due for repayment on Tuesday.

"While our base case remains that Greece will retain the Euro (albeit likely with a prolonged interregnum where Greece's relationship with the rest of the Euro area is irregular), the risk of a 'Grexit' is rising and uncertainty is increasing as we enter the uncharted territory of default, deposit controls and payment in IOUs," Goldman Sachs wrote in a note on Sunday. ------------------------------------------------------------------------------ > GLOBAL MARKETS-Euro, stocks slide on looming Greece default > US STOCKS-Stock futures slump as Greek crisis worsens > Nikkei slides to 1-week low as Greek crisis batters global markets > TREASURIES-Long-dated yields hit nearly 9-month high > FOREX-Euro sharply down as Greece crisis deepens, default looms > PRECIOUS-Gold gets safe-haven boost on Greek fears, equities slump > METALS-London copper inches up, but gains seen short-lived > Oil prices fall after Greece imposes capital controls

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