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Greece seeks to block speculators Greece fears batter markets again
(about 3 hours later)
Greek regulators have announced a ban on short-selling on Greece's stock market, following steep falls in bank shares. European markets have continued to fall heavily amid speculation over the future of the Greek economy.
Stocks in both Paris and Frankfurt were down by more than 2% on Wednesday morning, following the downgrading of Greece's debt to "junk" status.
Spain's leading index is down 3.3%, while in Portugal, which has also suffered a downgrade, shares fell 4%.
Meanwhile the euro fell to a fresh one-year low against the dollar as investors fear a spreading crisis.
On Greece's stock market regulators have announced a ban on short-selling, following steep falls in bank shares.
The ban is designed to prevent investors betting on falls in share prices - believed to undermine confidence in the market.The ban is designed to prevent investors betting on falls in share prices - believed to undermine confidence in the market.
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.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.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%. Contagion fears
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.
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.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.
'No restructure' On Wednesday, that interest rate hit 11.3% for 10-year Greek bonds - another all-time high for a eurozone country.
On Wednesday, that interest rate hit 10.13% for 10-year Greek bonds - another all-time high for a eurozone country. The market is now looking at every country with a lot of curiosity Gilles Moec, senior European economist at Deutsche Bank
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. There are concerns among some investors that the Greek crisis could spread to other vulnerable eurozone economies.
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". "We have the makings of a market crisis here," said Neil Mackinnon, a global macro strategist at VTB Capital.
Progress on a deal to bail out Greece may also help to steady investors' nerves. On Tuesday, another debt-laden economy, Portugal, saw its credit rating downgraded by Standard & Poor's by two notches to A-.
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. "The market is now looking at every country with a lot of curiosity," said Gilles Moec, senior European economist at Deutsche Bank.
You have to be honest; if not, nobody can help you Angela Merkel, German Chancellor class="" href="/2/hi/business/8648012.stm">Your comments But he said other countries were not in the same dire straits as Greece.
"Portugal is clearly the most fragile country after Greece, but even so there is quite a lot of distance between [the two countries]," he told the BBC.
"The level of debt before the recession began was much higher in Greece. The immediate pressure on funding needs in Portugal is [therefore] not as dire."
He added that investors now needed to see clarity in the plans to bail out the Greek economy.
Proposed rescue
Later on Wednesday, the International Monetary Fund (IMF) will arrive in Berlin to urge German MPs to agree to a rescue deal, giving Greece billions of euros in loans.
The IMF's Dominique Strauss-Kahn will seek German support for a bail-out
Dominique Strauss-Kahn will travel to Germany along with the president of the European Central Bank, Jean-Claude Trichet, facing politicians that have so far expressed their doubts over the bail-out.
As Europe's largest economy, Germany's involvement in any rescue deal is crucial, while the government is wrestling with public and political opposition to a bail-out.
German Chancellor Angela Merkel has insisted that Greece needs to show tougher measures to cut spending.
"You have to economise, you have to become fair, you have to be honest; if not, nobody can help you," she warned on Tuesday.
In Berlin, the BBC's correspondent Steve Rosenberg said senior politicians were still insisting it was "too early to say" whether a rescue deal would be agreed.
According to Simon Derrick, from Bank of New York Mellon, time is now running out for Greece to secure a deal.
HAVE YOUR SAY The Greeks need to accept the pain that is the inevitable and foreseeable consequence MarkGE Send us your comments
"The message that has been emerging from the markets this week is that a resolution to the Greek crisis needs to be found in the next few days," he said, warning that delays risk "sparking contagion through southern Europe".
On Tuesday, 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.
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 IMF is considering raising its contribution to the bail-out by 10bn euros ($13.3bn; £8.7bn) to 25bn euros. Greece also needs to secure at least some funding by mid-May, when it is due to repay investors around 8.5bn euros of debt.
Correspondents say the idea of a bail-out is unpopular with the German public, which doubts it will save Greece from going bankrupt. There is significant opposition to the handling of the crisis in Greece itself, with some demonstrators calling for the country to default on its debts so that foreign banks would pay the price for the crisis.
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.
In Greece itself, demonstrators called for the country to default on its debts, so that foreign banks would pay the price for the crisis.
Contagion risk
The concern among investors now is that the loss of confidence in Greece could spread to other weak eurozone economies.
On Tuesday, Standard & Poor's also cut Portugal's credit rating by two notches to A-, amid concerns about its public finances.
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-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.
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 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.
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