Decisive ‘No’ vote sends Greece into uncharted territory + MORE Jul 6th

ATHENS, Greece – The latest on the bailout referendum in Greece (all times local):
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1:05 p.m.
German officials are insisting that Greece can only hope to receive aid from the eurozone’s rescue fund if it accepts conditions in return.
Finance Ministry spokesman Martin Jaeger said Monday the rules underpinning the fund, the European Stability Mechanism, clearly specify that all aid is subject to conditions.
He said that “it is simply not legally possible to back away from this principle.”
Chancellor Angela Merkel’s spokesman, Steffen Seibert, echoed that sentiment: “We are stressing the principle that solidarity is inseparable from (a country’s) own efforts, and we see that this principle has brought significant success in the past few years.”
Seibert says Germany will wait and see what proposals Greece makes to its European partners.
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12:55 p.m.
Spanish Economy Minister Luis de Guindos said his government is ready to talk about a third Greek bailout…

ATHENS, Greece — Greece lurched into uncharted territory and an uncertain future in Europe’s common currency Sunday after voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy.
Results showed 61 per cent voted “no,” compared with 38 per cent for “yes,” with 97 per cent of the vote counted. The referendum — Greece’s first in more than four decades — came amid severe restrictions on financial transactions in the country, imposed last week to stem a bank run that accelerated after the vote was called.
Thousands of jubilant government supporters celebrated in Syntagma Square in front of Parliament, waving Greek flags and chanting “No, no, no!”
It was a decisive victory for Prime Minister Alexis Tsipras, who had gambled the future of his 5-month-old coalition government — and his country — in an all-or-nothing game of brinkmanship with Greece’s creditors from other European countries that use the euro currency, the International Monetary Fund and the European Central Bank…

BEIJING, China – Shares in big state companies soared Monday after promises of government action to halt a slide in Chinese stock prices but many others sank as jittery small investors tried to cut their losses.
The market benchmark closed up 2.4 per cent but still was down 27 per cent from its June 12 peak. That came after a group of 21 state-owned brokerages pledged Saturday to buy stocks. On Sunday, the central bank promised more credit to finance trading. Regulators have reduced the number of planned share sales to ease fears of a glut.
Shares of some state companies including PetroChina Ltd., Asia’s biggest oil producer, and China’s four major state-owned commercial banks rose by close to 10 per cent. Trading of almost 900 other companies — out of a total of 2,802 on exchanges in Shanghai and the southern city of Shenzhen — fell by the maximum 10 per cent daily limit permitted by regulators, according to the financial news website Hexun.com.
Millions of novice investors piled into the market as the Shanghai index rose more than 150 per cent beginning late last year…

By the time markets closed, China’s Shenzhen board fell 2%,Hong Kong’s main Hang Seng index down nearly 4%

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