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Should Greece impact your stocks?
Mon, 29 Jun Pre-Open

It may be reminiscent of September 2008. Having almost assumed that the financial world will not see any more bankruptcies after Lehman, this will come as a big shocker. Greece, if it does, will not be the first economy to become bankrupt. And certainly will not be the last one to meet such a fate. But for financial markets across the world this will be a grim reminder of the economic bubble led crisis. And it will be a proof of the fact that cheap liquidity cannot bring an end to an economy's debt problems.

For investors though the market volatility could be very painful. Especially if they are over exposed to the wrong kind of stocks or at the wrong valuations. As we have pointed out before, the moment the scale of a crisis deepens anywhere in the world, foreign money finds its way back to its home country in search of a safe haven. So the uncertainty that a Greek exit will pose could see capital outflows from India as well as foreign investors leave the country en masse. We have already seen this happen when the global financial crisis deepened in 2008. It is worthwhile noting that foreign investors pulled out money from India at that time even though the Indian economy was in good health.

In India, the liquidity is well guarded by the RBI and Indian companies are in relatively better health. However, the FIIs' rush to safe haven could impact valuations of stocks very negatively.

For now it is only the banks in Greece that are to stay shut. The country will also have capital controls. However, the decision as to whether Greece will exit from the Eurozone will be known by the 30th of June.

If you find market volatility impacting your portfolio returns, do not be worried about stocks that are fundamentally sound and well managed. Instead seek discounted valuations for companies that you have been waiting to buy for long. Most importantly, ensure that the panic ensuing from the Greek crisis does lead you to take unwarranted decisions on your stocks.

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