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Asia markets hit by Greece crisis Greece seeks to block speculators
(about 2 hours later)
Asian stock markets have suffered big falls amid further signs that the Greek debt crisis is intensifying. Greek regulators have announced a ban on short-selling on Greece's stock market, following steep falls in bank shares.
Shortly before the close, the Tokyo market was down more than 2.6% after falling almost 3% in early trading. The ban is designed to prevent investors betting on falls in share prices - believed to undermine confidence in the market.
Hong Kong's Hang Seng was down 1.3%, while Singapore has seen a 1.5% drop so far. On Tuesday, Greek bank shares fell 9% amid continued concern over Greece's public finances.
The move also follows big falls in Asian markets on Wednesday.
Japan's leading share index, the Nikkei 225, closed down more than 2.5% after steep falls in European stocks on Tuesday.
Shortly after opening on Wednesday, stock markets in Frankfurt and Paris were both down by a further 0.5%.
The short-selling ban, designed to stabilise the market, only affects stocks listed in Greece, however.
Global shares have tumbled after the credit rating agency Standard and Poor's downgraded Greek debt to "junk" on Tuesday.Global shares have tumbled after the credit rating agency Standard and Poor's downgraded Greek debt to "junk" on Tuesday.
European markets suffered bigger falls on Tuesday, with London's FTSE 100 down 2.6% and France's Cac 40 index falling 3.8%. That means the rating agency views Greece as a much riskier place to invest, and increases the interest rate investors will charge the Greek government for loans.
On Wall Street, the Dow Jones index fell nearly 2%.
The head of the International Monetary Fund will later urge German MPs to agree to a rescue of the Greek economy.
Dominique Strauss-Kahn will travel to Berlin along with the president of the European Central Bank, Jean-Claude Trichet, to persuade politicians that giving Greece billions of euros in aid is a "last resort".
Progress on a deal to bail out Greece may also help to steady investors' nerves.
'No restructure''No restructure'
On Wednesday, that interest rate hit 10.13% for 10-year Greek bonds - another all-time high for a eurozone country.
Meanwhile plans to secure a bail-out for the Greek economy will continue later, with the International Monetary Fund (IMF) arriving in Berlin to urge German MPs to agree to a rescue deal.
Dominique Strauss-Kahn will travel to Germany along with the president of the European Central Bank, Jean-Claude Trichet, to persuade politicians that giving Greece billions of euros in aid is a "last resort".
Progress on a deal to bail out Greece may also help to steady investors' nerves.
During a visit to Tokyo on Wednesday, European Council President Herman Van Rompuy announced a meeting of eurozone heads of state and government would be held on 10 May to discuss the Greek crisis.During a visit to Tokyo on Wednesday, European Council President Herman Van Rompuy announced a meeting of eurozone heads of state and government would be held on 10 May to discuss the Greek crisis.
You have to be honest; if not, nobody can help you Angela Merkel, German Chancellor Your commentsYou have to be honest; if not, nobody can help you Angela Merkel, German Chancellor Your comments
He insisted negotiations on the aid were "well on track" and that there was "no question about restructuring" Greek debt.He insisted negotiations on the aid were "well on track" and that there was "no question about restructuring" Greek debt.
Meanwhile, the Financial Times newspaper in the UK reports that the International Monetary Fund (IMF) is considering raising its contribution to the bail-out by 10bn euros ($13.3bn; £8.7bn) to 25bn euros. Meanwhile, the Financial Times newspaper in the UK reports that the IMF is considering raising its contribution to the bail-out by 10bn euros ($13.3bn; £8.7bn) to 25bn euros.
Correspondents say the idea of a bail-out is unpopular with the German public, which doubts it will save Greece from going bankrupt.Correspondents say the idea of a bail-out is unpopular with the German public, which doubts it will save Greece from going bankrupt.
The Greek government has acknowledged it can no longer afford to raise money on international markets. Greece needs to secure at least some of the funding by mid-May, when it is due to repay investors around 8.5bn euros of debt.
It has urged the European Union and the IMF to release the bail-out package so it can make debt repayments due next month.
In Greece itself, demonstrators called for the country to default on its debts, so that foreign banks would pay the price for the crisis.In Greece itself, demonstrators called for the country to default on its debts, so that foreign banks would pay the price for the crisis.
Greece has become the first eurozone member to have its debt downgraded to "junk" status. Contagion risk
When ratings agencies demote a country's credit rating it means they think it is now a riskier place to invest. The concern among investors now is that the loss of confidence in Greece could spread to other weak eurozone economies.
Some financial institutions have rules prohibiting them from investing in "junk" bonds. On Tuesday, Standard & Poor's also cut Portugal's credit rating by two notches to A-, amid concerns about its public finances.
Portugal's credit rating was also cut by two-notches to A-minus, further fuelling concern that the crisis was about to spread across Europe, forcing a number of countries to default on their debts, hurting the euro, and sparking a new crisis.
'Down to the wire'
Some investors have expressed concern that the current market jitters could turn into something much bigger.Some investors have expressed concern that the current market jitters could turn into something much bigger.
World markets are not convinced the eurozone will agree a bail-outWorld markets are not convinced the eurozone will agree a bail-out
"We have the makings of a market crisis here," Neil Mackinnon, a global macro strategist at VTB Capital, told the Associated Press news agency."We have the makings of a market crisis here," Neil Mackinnon, a global macro strategist at VTB Capital, told the Associated Press news agency.
Correspondents say the markets are not convinced that governments in the eurozone will have the political will to reach an agreement on a bail-out for Greece, especially in Germany. Germany's willingness to help Greece out is one major concern.
On Tuesday, German Chancellor Angela Merkel reiterated that Greece had to first outline further steps to reduce its budget deficit before her government would endorse the release of funds from a 45bn-euro rescue package. On Tuesday, German Chancellor Angela Merkel reiterated that Greece had to first outline further steps to reduce its budget deficit before her government would endorse the release of funds for a 45bn euro rescue package.
"You have to economise, you have to become fair, you have to be honest; if not, nobody can help you," she warned the Greek people."You have to economise, you have to become fair, you have to be honest; if not, nobody can help you," she warned the Greek people.
Greek Finance Minister George Papaconstantinou said the downgrade of its debt did "not reflect the real state of our economy, nor the fiscal situation, nor the ongoing negotiations which have the very realistic prospects that they will be completed successfully in the next few days".
"One wishes that Europe had acted a little differently. Three and four months ago we were saying that the mechanism must be ready and it must be detailed, that the markets must know what exactly is going. Are you in Greece or the wider EU? What is your reaction to the Greek debt crisis? You can send us your comments using the form below.
"Unfortunately, for a series of political reasons, we are down to the wire," he added. A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below.
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