Just when world markets were
beginning to settle down comes another jolt from abroad. And no prices for
guessing where the latest shocker has come from - Greece. The prime minister of the
debt-stricken eurozone nation has stunned everyone by calling for a referendum
on the EU bailout deal.
The surprise announcement has only
added to the doubts over the fate of the grand plan to tame the debt crisis.
The fresh turmoil in the financial markets comes ahead of the two-day G20
summit in France
later this week.
In another startling move, the
Greek PM has replaced the top brass in Army, Navy and Air Force. For the day,
attention will partly shift to the FOMC meet and remarks made by Fed chairman
Ben Bernanke.
The ECB will take a call on
whether to cut rates or not on Thursday while US monthly jobs report will in
focus on Friday.
The start today will be down on
the back of a worldwide selloff in equities. There could be some recovery later
in the session if global cues improve. But, given the heightened uncertainty
and volatility, it would be prudent to tread cautiously.
