Referendum will create uncertainty: RBS

Here are experts equity calls for the day on how the markets are expected to trade:

Jacques Cailloux, RBS: We reiterate our cautious view on the elevated implementation risk. This (Greece's) referendum will create uncertainty and potential delays with regards to measures necessary to placate investor scepticism. It does little to resolve the underlying solvency pressures being faced in several Eurozone countries. Willem Buiter, Citigroup: Neither restructuring of insolvent sovereign nor recapitalisation of banks have been addressed decisively and completely. As a result tight financial conditions and intensifying fiscal austerity may lead to a European recession in 2012 and possibly beyond.