Greek debt crisis: Markets resilient after 'no' vote

Japan's Nikkei index rebounded slightly on Tuesday, a day after stock markets had fallen in the wake of Greece's decision to reject the terms of an international bailout.

The Nikkei closed up 1.3% at 20,376.59.

Stock markets around the world had fallen on Monday in reaction to the "no" vote in Greece's referendum, but the declines were not as bad as feared.

On Tuesday, Greece is expected to present new proposals at a eurozone emergency summit.

The plan is said to include a demand for Greece's debt to be cut by up to 30%.

The European Central Bank (ECB) is maintaining its pressure on Greek banks, refusing to increase emergency lending and ordering them to provide more security for existing emergency loans.

On Monday, the main share indexes in the US all closed down about 0.3%. In Europe, London's FTSE 100 slipped 0.8%, France's Cac 40 dropped 2% and Germany's Dax index lost 1.5%.

The euro had dipped at first against major currencies on Monday, but then recovered later in the day.

Speaking on Monday, Neil Williams, chief economist at Hermes Investment Management, said: "Markets have yet to be convinced in full either that the [Greek] exit door will be open or that the extent of any contagion from this could be irreparably damaging to the system."