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Greek vote sends shekel-euro rate even lower

FXCM: Investors are likely to exit European assets and seek safe haven in the US dollar.

Greek Prime Minister Alexis Tsipras' Attends His New Cabinet's Swearing In Ceremony

Against the background of events in Greece, the shekel is mixed at the start of this week’s trading on the foreign exchange market. The shekel-dollar exchange rate is currently up 0.25% in comparison with Friday’s representative rate, at NIS 3.778/$, while the shekel-euro rate is down 0.27%, at NIS 4.175/€.

The result of the referendum in Greece, in which over 61% of those who voted said “No” to the further austerity program being demanded by the other eurozone countries and the IMF, means that Greece is on a collision course with its creditors, and may even leave the eurozone.

Greece is left in a chaotic situation, with a real possibility that its banking system will collapse. Without continued support from the European Central Bank or another international institution, the banks in the country will run out of cash within days, in which case the Greek government will have to announce a new currency in which to pay salaries and pensions…

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