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Boye: Next 48 hours could be critical for Greece

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Lots of action in the bond markets after Greek voters rejected the terms of a new bailout, says Saxo Bank’s Michael Boye. And with all the uncertainty after the Greek referendum, the next 48 hours will be critical, he adds.

Boye says markets will be monitoring how the European Central Bank and leaders from the 19-member Eurozone respond after Greek voters on Sunday rejected the terms of a new bailout from the international creditors.

The ECB will on Monday discuss whether to continue to provide Greek banks with emergency liquidity assistance (ELA). Monday evening German Chancellor Angela Merkel is meeting French President Francois Hollande in Paris ahead of a Eurozone summit on Tuesday, where Greece will be the only matter on the agenda.

Boye says the European leadership is in a real bind in terms of how to respond to Greece and here’s why.