Asian markets regain some ground following sell-off

Asian stockmarkets have managed to regain some composure following Monday’s Greek crisis-led sell-off. 

Japan’s benchmark Nikkei 225 index rose by 0.63 per cent to finish its session at 20,235.73 while South Korea’s Kospi closed 0.7 per cent higher at 2,074.20.

In Australia, the S&P/ASX 200 index after sliding by 2 per cent on Monday gained 0.7 per cent to close at 5,459.

Banks in Greece have shut this week after negotiations between the beleaguered nation and its creditors broke down over the weekend.

Greece has until today when its bailout expires, to pay back a €1.6bn (£1.1bn) loan to crisis lender, the International Monetary Fund. EU leaders earlier warned Greeks that rejecting creditors’ proposals in a snap referendum called for Sunday would mean leaving the euro.

But prime minister Alexis Tsipras has called on the country to reject the deal, and threatened to quit if they are accepted.

On Monday, Standard & Poor’s cut Greece’s credit rating one notch further into junk territory and said there was now a 50 per cent chance Greece would exit the eurozone.