LONDON |
LONDON (Reuters) – The euro and European shares retreated on Monday on nerves Greek would fail to come up with the political commitments needed to avoid a potential sovereign debt default, taking the shine off a U.S. jobs report that had brightened the global economic outlook.
Greece’s coalition parties must tell the European Union by 5 a.m. ET, noon local time, whether they accept the painful terms of a new 130 billion euro bailout, with euro zone ministers postponing a planned meeting later in the day due to Athens footdragging.
“The euro zone remains a major uncertainty. It has the potential to unravel everything in the event of a disorderly default in Greece,” said Jeremy Batstone-Carr, strategist at Charles Stanley.
The drama surrounding Greek debt talk has halted a rally in global share markets which followed Friday’s positive U.S. jobs report, sending the pan-European FTSEurofirst 300 index of top shares down 0.2 percent at the open. The index posted its biggest weekly rise
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