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Greek Prime Minister Alexis Tsipras said that creditors have rejected latest Greek proposals which were delivered by Athens on Monday.
Immediate volatility and risk aversion has hit markets.
- Euro faced flash volatility. Dropped to 1.118 from 1.121 and moved up and traded 1.123 within moments of the announcement as traders' struggles to gauge further move in Euro. Stakes suddenly has gone up after everyone thought the game of chicken is finally over.
- Risk aversion has also hit markets. Japanese Yen rose against most of its counterpart's even dollar after the news has hit wires. Stakes are rising over Euro zone leaders meeting on Thursday and Friday.
- German DAX reversed today's gains, down by 1% so far today. DAX is currently trading at 11430, down from 11590 today's high.
Expect high volatility in European assets including Euro over next few days taking cues from commentaries.
