Aussie dollar and shares plummit after Greek 'no' vote

AUSTRALIAN shares are down more than 1 per cent on increased 'Grexit' fears and the Australian dollar has fallen around two cents in two trading days to be at its lowest level since 2009.

Fetching around 76.5 US cents as Australian traders ended their week, the local currency lost about a cent in European trade on Friday ahead of Greece's vote.

The Australian dollar then lost around another cent as traders returned to their desks on Monday morning, after the Greek population resoundingly rejected the austerity measures proposed by the nation's international creditors as a condition of further bailout funds.

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By 11:30am (AEST) the Australian dollar had bounced slightly from its morning low of 74.52 US cents to be worth 75.1 US cents.

Perhaps surprisingly, the Australian dollar is not much changed against the euro at 68 euro cents, with the continent's common currency holding up roughly as well as the Aussie dollar on global markets despite the further uncertainty generated by the Greek referendum.

Read more at ABC News



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