As Greece’s stock market plunges and borrowing costs soar, analysts warned the country could be facing its “Lehman moment” as it faces bankruptcy and more financial chaos.
Greek bank stocks fell dramatically on Tuesday and its borrowing costs rose sharply following news that European Central Bank (ECB) staff were mulling contingency plans for both an “orderly” and “disorderly” default by Greece, sources told CNBC.
A default could lead to Greece leaving the euro zone—something that closely-watched investor Mark Mobius said could herald the “beginning of the end” of the single currency bloc.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.