MARKETS-STOCKS GERMANY European shares recover as Greece summit awaited

Record ID: 148082

  • Title: MARKETS-STOCKS GERMANY European shares recover as Greece summit awaited
  • Date: 7th July 2015
  • Summary: FRANKFURT, GERMANY (JULY 7, 2015) (REUTERS) TRADING FLOOR AT FRANKFURT STOCK EXCHANGE TRADERS WATCHING MONITORS TRADER WATCHING MONITOR CLOSE UP OF BOARD SHOWING DAX INDEX STARTING AT 10930.02 POINTS TRADER WATCHING MONITOR DETAIL OF BOARD SHOWING DAX INDEX STARTING AT 10930.02 POINTS CLOSE UP OF TRADER BEHIND MONITOR TRADERS WATCHING MONITOR VARIOUS OF CLOSE UP OF BOARD S
  • Embargoed: 22nd July 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVA2IA1GX5DBDI99U893Q6VOKHJ6
  • Aspect Ratio: 16:9
  • Story Text: European shares steadied on Tuesday (July 7), recouping some of the previous session's decline, before a euro zone summit on the Greek debt crisis later in the day.
    The euro zone Euro rose 0.3 percent after falling 2.2 percent on Monday, once Greek voters rejected conditions for a new bailout in a referendum on Sunday.
    France and Germany told Greece on Monday to come up with serious proposals to restart financial aid talks. The European Central Bank raised the pressure before Tuesday's summit by keeping a tight grip on funding to Greek banks.
    Frankfurt trader Oliver Roth said Greece's exit from the euro zone was inevitable.
    "The clock is ticking for Greece. There is no doubt that their economic system is close to collapsing. They have a financial system that has actually already collapsed which can only survive by Emergency Liquidity Assistance (ELA) from the ECB," Roth said.
    He added that Athens was "trying to win some time over the next few days to find a solution. But this is not really realistic, so everything is pointing towards an exit of Greece from the euro zone."
    The pan-European FTSEurofirst 300 rose 0.2 percent to 1,503.88 points by 0748 GMT.
    ProSiebenSat1 rose 2.8 percent, a top FTSEurofirst 300 riser, after sources said talks over a merger with German publishing house Axel Springer had restarted.
    Axel Springer rose 5.9 percent, even though it said that speculation that its majority owner, Friede Springer, might relinquish control was "unfounded".
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