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Greeks defy Europe with overwhelming referendum 'No' Sunday, July 5, 2015 11:15 pm

"No" supporters celebrate in AthensIn Athens, thousands of jubilant Greeks waving flags and bursting fire crackers poured into the city's central square as official figures showed 61 percent of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy. "You made a very brave choice," Prime Minister Alexis Tsipras said in a televised address. "The mandate you gave me is not the mandate of a rupture with Europe, but a mandate to strengthen our negotiating position to seek a viable solution." The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro.


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Stocks, euro staggered by Greece; China rescue in doubt Monday, July 6, 2015 12:32 am

Euro coins are seen in front of a displayed of Head of Apollo on 1.000 Drachma old Greece banknote in this photo illustration taken in ZenicaSYDNEY/TOKYO (Reuters) - Asian stocks hit a six-month trough and the euro stumbled on Monday after a Greek vote against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the euro zone. A rush from risk took MSCI's broadest index of Asia-Pacific shares outside Japan down 2.8 percent in the steepest daily drop in two years. Japan's Nikkei shed 2.4 percent, while U.S. equity futures dropped 1.3 percent .


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Chinese stocks rise after Beijing unleashes emergency support Sunday, July 5, 2015 11:35 pm

A woman is reflected on an electronic board showing stock information at a brokerage house in ShanghaiIn an extraordinary weekend of policy moves, brokerages and fund managers vowed to buy massive amounts of stocks, helped by China's state-backed margin finance company, which in turn would be aided by a direct line of liquidity from the central bank. Oliver Barron, China policy research analyst at NSBO, said it wasn't just faith in the markets at stake after investors had ignored official measures to prop up the market as equity indexes slid around 12 percent last week. The rapid decline of China's previously booming stock market, which by the end of last week had fallen around 30 percent from a mid-June peak, had become a major headache for President Xi Jinping and China's top leaders, who were already struggling to avert a sharper economic slowdown.


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New Honda CEO says no plans to help air bag firm Takata fund global recalls Monday, July 6, 2015 1:39 am

Honda Motor Co's new President and Chief Executive Officer Hachigo speaks during a news conference at the company's headquarters in TokyoBy Minami Funakoshi TOKYO (Reuters) - Honda Motor Co's new chief executive said the Japanese automaker has no plans for now to provide financial aid to Takata Corp , the air bag supplier at the center of a costly global safety recall that has dented Honda's public image as well as its earnings. Speaking at his first news conference since taking the helm in June, Takahiro Hachigo said on Monday Honda has now set aside enough this year to cover the cost of recalling over 2 million cars with potentially faulty air bag parts made by Takata. Last month Honda revised its operating profit for the year ended March to 606.88 billion yen ($4.92 billion) from the 651.68 billion yen it reported in April to account for expanded recall costs.


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Euro markets set for major jolt after Greek 'No', look to ECB for calm Sunday, July 5, 2015 4:16 pm

A one Euro coin with a Greek owl is seen burning in this picture illustration taken in HanauBy Carmel Crimmins and Nigel Stephenson LONDON (Reuters) - European stock and bond markets are set to take a sharp hit on Monday after Greece voted 'No' to harsh bailout conditions, and bankers said the European Central Bank's response was now key to the extent of contagion. Many economists, including those at U.S. banking giant JPMorgan, reckon the outcome of Sunday's referendum will probably hasten Greece's exit from the euro. "Although the situation is fluid, at this point Greek exit from the euro appears more likely than not," JPMorgan's Malcolm Barr told clients on Sunday evening, adding 'Grexit' was now the bank's "base case".


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