European screens across the board were in the red after news came in that Greece would be unable to meet its deficit targets, sparking fears that a Greek debt default was just around the corner.
The political will from the European Union and the countries affected is what is needed to recapitalize the banks and to find the money. But this is not likely to happen in a day, said Martial Godet, Head of Investment Management-New Markets, at BNP Paribas.
In an interview to CNBC-TV18, Martial Godet of BNP Paribas Investment Partners said, he was surprised by the extent of today’s sell off. However, he said, there was no reason for this sell off to stop fully, unless the markets get very good figure that can really relieve the pressure.
Martial Godet, Head of Investment Management - New Markets at BNP Paribas said that it is difficult to forecast the outcome because of the political angle plaguing the eurozone.
In an interview with CNBC-TV18, Martial Godet, Head of Investment Management New Markets, BNP Paribas said the global pressure is still there. “Definitely, we are not out of the woods,” he added.