Stockmarkets across the globe seem to have taken the Greek default in their stride this morning with most bourses up in early trading.
Markets had sold off strongly yesterday with the FTSE 100 down 1.5 per cent yesterday - a move which seemed far enough to price in the situation on the Continent.
The worst hit market in overnight trading was China, where the Shanghai Composite index fell another 5 per cent compounding a highly volatile couple of weeks for the index.
Greece missed a €1.5bn (£1bn) payment to the International Monetary Fund yesterday, making it the first developed economy to default on such a loan.
The country’s banks remain reliant on €89bn of emergency funding from Europe and a meeting of the Continent’s central bankers today could see harsher measures imposed on Greece’s banks. This could have further ripple effects on markets.
