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Philippine market may be buffeted after no vote in Greece: top official

Xinhua, July 6, 2015 Adjust font size:

Finance secretary Cesar Purisima on Monday warned the public of heightened market volatility following Greece' rejection of the Eurozone's bailout terms.

Purisima said the Greek "No Vote" highlights the structural weakness of a currency union and believes that without fiscal and political union, it "makes for perilous choices" for both Greece and the European Union.

"This means heightened market volatility. Everyone will be buffeted by this including the Philippines but Philippines is now in a stronger position to deal with this given its strong external and fiscal situation as well as much lower and better liability structure," he added.

Greece voted no against the EU's bailout terms which included raising taxes and slashing welfare budget to meet their debt obligations.

Banks have already been shut and capital controls had been put in place which included limited withdrawals at cash machines and limited over the counter withdrawals for pensioners. Greece had also missed a 1.6 billion-euro (1.77 billion U.S. dollars) payment to the International Monetary Fund. Endi