MTECHTIPS;-NYMEX crude drops sharply in Asia as investors react to Greece vote

MTECHTIPS;-NYMEX crude drops sharply in Asia as investors react to Greece vote

Crude prices dropped sharply in Asia on Monday as investors saw a downbeat effect on demand from the ‘No’ vote by Greece at the weekend on proposed bailout terms by international creditors, setting the stage for possible volatile financial markets. Crude for August delivery dropped 1.22% at $54.84 a barrel in electronic trading on the New York Mercantile Exchange. There was no floor trading on friday because of the U.S. Independence Day holiday. Asian policymakers in China and Japan and elsewhere braced for any fallout from the Greek ‘No’ vote at the weekend as Greece’s Prime Minister, Alexis Tsipras said Sunday he wanted a quick deal with its creditors and to restore banking sector operations to avert a humanitarian crisis. Tsipras said that the International Monetary Fund report, released Thursday, which said that the Greek debt was not sustainable, was proof that his government was right on the demand its restructuring. Greece’s Finance Minister, Yiannis Varoufakis, said Sunday that the ‘No’ vote in the referendum was the peoples’ response to five years of austerity and added that creditors never had a real intention to cooperate. “We had two requirements: to put an end to austerity and to restructure the debt,” he said. “Unfortunately, the creditors refused any meaningful discussion and from the first moment planned to shut down our banks in order to impose their positions,” he said to reporters. “The Greek people today return this ultimatum back to the creditors. From tomorrow, with this No, we will extend a cooperation hand to our partners and call them one by one in order to reach common ground.”
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