Although the Athens stock market remains close to a three-year low European shares gained ground as the week approached its end, and there is little sign of panic over the possibility Greece might default, leave the eurozone or the EU, or all three.
Good news from elsewhere, in France and Germany, and the continuing bull run on Wall Street helped keep the jitters at bay. But for how long?
“This morning, markets were stable on opening despite the fact that Greek debt negotiations fell through yesterday. The markets would survive Greece leaving the eurozone since its debt only amounts to 300 billion euros, so there would be a short term impact but the markets would recover in the mid term,” says Montsegur Finance’s Alexandre Zilliox.
Shares even rose in Greece, and the euro only lost 0.3%, although Greek bank withdrawals quickened and government revenues again fell short of targets.
The real market storm may come next week if Monday’s Eurozone summit fails to produce a rabbit from the hat.