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Markets down after Greek vote but OXI crash

Markets down after Greek vote but OXI crash
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World markets on Monday shrugged off a win for the “No” (OXI) camp in Greece’s referendum.

While European and American stock markets and the euro dropped, a Black Monday crash – predicted by some doomsayers – failed to materialise.

The FTSE closed down three-quarters of a point while Paris and Madrid ended the day down two percent.

Frankfurt was 1.5 percent lower at the close while the Milan bourse bore the brunt of negative feeling, down more than 4 percent.

Yields on Italian, Spanish and Portuguese government bonds rose between 9 and 17 basis points.

Some bankers say the result makes it more likely Greece will leave the euro, while a poll of investors found sentiment unchanged from a week ago at 50 percent.

Greek banks won’t reopen on Tuesday or Wednesday and the daily cash withdrawal limit remains at 60 euros.