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BlackRock's Koesterich: Greece vote raises chances of euro exit
July 6, 2015 / 4:37 PM / 2 years ago

BlackRock's Koesterich: Greece vote raises chances of euro exit

NEW YORK, July 6 (Reuters) - Greece’s sound rejection of a bailout at a referendum on Sunday raised the chances it may leave the euro zone, but Athens and its creditors could still reach a deal, said a top strategist for BlackRock Inc, the world’s largest asset manager.

“It does raise the odds of an exit,” Russ Koesterich, BlackRock global chief investment strategist, told Reuters. “There is room for compromise,” he added.

As investors mull the future of Greece as a member of the euro zone, they have also been mindful whether Beijing is doing enough to stem the dramatic 30 percent drop in Chinese stock market in the last three weeks.

Chinese stocks rose after the Chinese government implemented a series of support measures over the weekend.

Koesterich and others have doubts on the longer-term impacts on Beijing’s latest moves to prop up stock prices.

“There is more downside potential,” Koesterich said. (Reporting by Richard Leong; Editing by Chizu Nomiyama)

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