BNZ were one of the first banks in the world to respond to the Greek vote

And not just their analysts ... BNZ traders re were among the first on the planet (along with other banks in NZ) to make prices in currencies following the referendum results

Comments from BNZ on the result:

  • In effect, the result sharply raises the prospect of an eventual Greek exit from the euro - zone
  • Tsipras and his government have been handed a mandate from the Greek people to seek better terms in what will now be called a third bailout package (as opposed to an extension of the second)
  • European leaders will not take this lightly. They have little incentive to improve the deal, for fear of encouraging embattled European nations to use similar tactics in the future
  • The near - term path is not very clear
  • The first pressure point being scrutinised is the emergency credit line from the ECB to Greek banks. The ECB will likely keep this open until it gets clarity from political leaders
  • Markets are in for a period of uncertainty and protracted negotiation