As anticipated by traders last week, the market opened with a huge gap between the closing price on Friday and the opening price on Monday. But this was not the only surprise Monday had for us.
Tsipras called his country for a referendum to either accept the terms and conditions of the EU or exit the EU. Juncker accused Tsipras and the Greek Government of not telling the full story to the people and that Tsipras must tell the truth to his own people. Juncker added that he felt betrayed by Tsipras, yet all doors would remain open if Greece votes yes to stay in the EU.
Juncker invited the Greek people not to commit suicide just because they are afraid to die, a comment that made most Greeks furious, yet he showed his support to the Greek people while stating that he will not let the Greeks down and that he knows that the Greeks will not let the EU down either. A killer sentence that spread around the social media and played with the feelings of the Greeks, especially those confused and indecisive on whether to vote yes or no.
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The day did not end there, banks closed down for fear of liquidity leaks and will remain closed until the 7th of July or till further notice. ATM machines were limited to sixty euro withdrawals and queues continued to line up in front of banks reminding the world of March 2013 and the Cyprus banking crisis.
European stocks continue to collapse as the Greek debt crisis sinks deeper. Juncker’s reaction to these consecutive events showed that the Europeans do not want the Pandora box opened. But will the Greeks vote yes knowing that they will suffer austerity? And if they vote no, what will the British do next? A Brexit?