Crisis Hit Greece

Greece hit back today at threats from some EU states to suspend it from the Schengen zone of open border travel because of its failure to control large numbers of migrants entering Europe.

Curious and noisy, a group of Madagascar lemurs surround Jean-Jacques Lesueur, founder of Attica Park in Athens, unaware that the special biscuits he is handing out to them are running low and they may soon not have enough to eat.

Gold edged up on Wednesday as the dollar softened yet prices remained close to a four-month low hit earlier in the session as markets watched the tumble in Chinese stock markets and the unfolding Greek debt crisis.

US stocks fell more than 1 per cent on Tuesday, with the S&P 500 index trading below a key technical mark, as concerns of a slowdown in China weighed on commodity prices and investors fretted over aid talks for Greece as it runs out of cash.

Greece has more than 160 inhabited islands and the coastal shipping industry used to play and important part in the nation's economy. But since the crisis, the ferry sector has been ailing.

On the likely impact of the crisis on Indian economy, he said, "In these situations what mostly happens is there is flight to dollars, to a safe haven. Rupee might also be affected by that. But nothing gets unusual at all so far."

The global selloff comes after Greece voted against a rescue package from creditors, putting in danger the country's future in the single currency.

Asian stocks hit a six-month trough and the euro stumbled on Monday after Greece voted against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the eur

The tourism industry accounts for 18 per cent of Greece's GDP. A lifeline for the country, it employs more than 900,000 people.

The global market volatility could also hit Indian shores, even though India has very little exposure to Greece, says BoAML.

Rationed to 60 euros per day from inundated cash machines, Greeks are holding their breath for the result of a referendum on Sunday that Europe says will decide the country's future in the continent's common currency.

The Greece situation battered the stock markets globally on Monday, including in India, as foreign investors looked to re-allocate their portfolios in the wake of weakness in euro against various other currencies, while the companies with direct exposure to Eurozone markets were hit hardest.

Global financial markets suffered their first bout of significant contagion from the Greek crisis this year on Monday after 11th hour talks between the near bankrupt country and its creditors collapsed.

A general strike hit Greece on Wednesday, paralysing public services and disrupting transport as EU-IMF auditors worked to finalise the recession-hit country's next budget, looking to eliminate a fiscal shortfall that could bring more unpopular cuts.

Workers hit by record high unemployment staged May Day protests across Europe on Wednesday, hoping to persuade their governments of the case for easing austerity measures and boosting growth.

Greece hit back today at threats from some EU states to suspend it from the Schengen zone of open border travel because of its failure to control large numbers of migrants entering Europe.

Curious and noisy, a group of Madagascar lemurs surround Jean-Jacques Lesueur, founder of Attica Park in Athens, unaware that the special biscuits he is handing out to them are running low and they may soon not have enough to eat.

Gold edged up on Wednesday as the dollar softened yet prices remained close to a four-month low hit earlier in the session as markets watched the tumble in Chinese stock markets and the unfolding Greek debt crisis.

US stocks fell more than 1 per cent on Tuesday, with the S&P 500 index trading below a key technical mark, as concerns of a slowdown in China weighed on commodity prices and investors fretted over aid talks for Greece as it runs out of cash.

Greece has more than 160 inhabited islands and the coastal shipping industry used to play and important part in the nation's economy. But since the crisis, the ferry sector has been ailing.

On the likely impact of the crisis on Indian economy, he said, "In these situations what mostly happens is there is flight to dollars, to a safe haven. Rupee might also be affected by that. But nothing gets unusual at all so far."

The global selloff comes after Greece voted against a rescue package from creditors, putting in danger the country's future in the single currency.

Asian stocks hit a six-month trough and the euro stumbled on Monday after Greece voted against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the eur

The tourism industry accounts for 18 per cent of Greece's GDP. A lifeline for the country, it employs more than 900,000 people.

The global market volatility could also hit Indian shores, even though India has very little exposure to Greece, says BoAML.

Rationed to 60 euros per day from inundated cash machines, Greeks are holding their breath for the result of a referendum on Sunday that Europe says will decide the country's future in the continent's common currency.

The Greece situation battered the stock markets globally on Monday, including in India, as foreign investors looked to re-allocate their portfolios in the wake of weakness in euro against various other currencies, while the companies with direct exposure to Eurozone markets were hit hardest.

Global financial markets suffered their first bout of significant contagion from the Greek crisis this year on Monday after 11th hour talks between the near bankrupt country and its creditors collapsed.

A general strike hit Greece on Wednesday, paralysing public services and disrupting transport as EU-IMF auditors worked to finalise the recession-hit country's next budget, looking to eliminate a fiscal shortfall that could bring more unpopular cuts.

Workers hit by record high unemployment staged May Day protests across Europe on Wednesday, hoping to persuade their governments of the case for easing austerity measures and boosting growth.